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Mining and commodities giant Glencore (LON:GLEN) will close its Tahmoor coal mine in Australia by early 2019, as a continued slump in the price for the fossil fuel has made the operation unsustainable.
Life-extending operations were studied, but current market conditions did not support those projects, Glencore said.
The company has told its approx. 350 employees that the mine, which had been in operation since 1979 and which generated 2.1 million tonnes of metallurgical coal last year, will be closed early in 2019 rather than have its life extended.
“The decision has been made as a result of continued low prices in global coal markets, which has meant the economic return from reserves still available at Tahmoor are not sufficient to warrant the investment required to mine them,’’ Glencore said in an e-mailed statement.
It added that life-extending operations had been studied, including the proposed Tahmoor South and Tahmoor North projects, but current market conditions did not support those projects.
The underground mine, in the southern highlands of New South Wales, is one of Glencore’s 18 Australian operations, which employ some 7,650 workers.
First job cuts will begin in about a year.
3 Comments
Altaf
Instead of closing the mine and 350 people jobless and sleeping over the idle asset wealth, they can sell it to who ever can still mine it. Like some Chinese or Indian Steel Plants may show interest in it. May be the top management who just play with computer presentations want a lot of cash to consider a sale. Their persistence effects the lives of those who depend on the 350 employees. The good thing is the employees were told 3 years in advance of their impending fate.
rock hardens
A shame about the jobs,
But this mine is the reason for the deterioration of the Thirlmere Lakes. It’s a disgrace what has been done to the local environment as a result of these multi-nationals and their hunger for profits.
If it’s closed, there’s a chance that one day the lakes will return to their natural state.
One day…
Altaf
Oh, OK. I was purely thinking along the lines of lost jobs. In this case, the company or govt to look after the employees and close the mines. The Company must be made accountable for the regeneration of vegitation around the mine area and let the lakes mentioned have life once again.