Surplus supply and fall in demand has led to a major drop in coal prices, and last year saw 19% drop in thermal coal prices.

Glencore itself has decided to cut exports by 15-million tonnes, however, the company wants to take advantage of the market by acquiring coal mines that have fallen victim to the present market conditions.

Reuters cited Glencore Coal chief Peter Freyberg as saying: "These (opportunities) include bolt-ons, synergy plays and option building opportunities.

"This is a good time in the cycle for this.

"We also look at it as part of our DNA … we have people on the ground, we understand the geographies where we sell our coal."

Several mining companies including Peabody Energy and Teck Resources have announced cutting down of production and jobs to cope up with the falling coal market.