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Russian coal miner Kuzbassrazrezugol to slash production by 2.3m tonnes

Russian coal miner Kuzbassrazrezugol to slash production by 2.3m tonnes

LONDON: Russian coal miner Kuzbassrazrezugol will cut its production by 2.3 million tonnes in 2015 due to “unfavourable international market conditions”, the company said.

Kuzbassrazrezugol produced 30.8 million tonnes of coal for export in 2014 from its mines in Siberia. Glencore Plc, the world’s largest exporter of thermal coal, said last week that it plans to shut its Australian mines for three weeks, cutting output by 5 million tonnes in 2014.

Coal prices have been hitting multi-year lows due to demand growth failing to keep pace with production increases.