LME clearing house unveils reforms, to triple member capital requirements
The exchange also said that LME Clear would reduce the amount members have to contribute towards its default fund.
London-based Anglo American (LSE:AAL) has joined an expanding list of coal producers making staff cuts at specific Australian operations, after it announced it will cut at least 50 jobs when its Moranbah North mine reverts back to a single longwall operation.
A company spokeswoman told the Daily Mercury the decision was made “in light of recent market conditions and declining coal prices.”
“As a result of the operational changes, Moranbah North mine announced a voluntary separation process in which we have invited employees to register a non-binding expression of interest if, based on their personal circumstances, they would like to leave the business,” she added.
Nothing was said about how the cuts may affect the recently approved $1.7 billion Grosvenor Coal Mine near Moranbah, which is expected to produce five million tonnes per year over a projected life of 26 years.
The London-based diversified miner said at the time it planned to triple production of met coal in Australia over the next 8 years.
Earlier this month Rio Tinto, Xstrata, Ensham Resources, Peabody Energy and BMA all announced an imminent reduction in their workforce due to sinking prices for both coking and certain kinds of thermal coal.
