Business

More jobs cut as coal giants try to rein in costs

NEARLY 500 jobs have been slashed, production cut and a project under construction shelved by two of the biggest coalminers in Queensland and NSW as the outlook for the struggling industry continues to worsen.

In another bleak day for the sector, US giant Peabody Energy said it would slash 450 contractor jobs at mines in Queensland and NSW as it tried to rein in costs.

The announcement came on a day the newly merged Glencore-Xstrata said it would shelve the $142 million Liddell underground expansion at its Ravensworth mine near Singleton in NSW, reduce production from the mine and cut 47 staff.

The cuts extend a bout of slashing by coalminers, including BHP Billiton and Rio Tinto, which are reacting to steep falls in prices for coal and other commodities that have affected earnings projections and development plans.

Before the latest cuts had been flagged, more than 9000 jobs had already been lost at Queensland and NSW mines.

Read more at The Australian.

Topics:  bhp billiton, coal, mining, resources, rio tinto



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