IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
BHP’s Mount Arthur mine.
BHP Billiton (ASX, NYSE:BHP) is cutting another 150 jobs from its Mount Arthur open-cut coal mine, in NSW Hunter Valley, adding to the more than 4,000 direct coal jobs lost in that region in the past two years.
The world’s largest miner said the cuts would be made by the end of February 2015. They follow an ongoing review of the operation.
“The Australian coal industry continues to experience difficult market conditions, including continuing low coal prices and a strong Australian dollar,” BHP’s NSW energy coal asset president Peter Sharpe said.
The NSW Minerals Council said the latest job cuts were a further sign of the tough times the state’s coal industry was facing because of the cyclic downturn in coal prices.
Prices have been dangerously flirting with a predicted five-year low this year and analysts don’t see the situation getting better anytime soon, as China’s demand continues to wean.
2 Comments
Ganapathy
Poor employees. Management should have studied other options befor sacking people, like cost controls in travelling, marketing, exploration and others
Ig
BHPB was one, if no the leader of Aussi companies increasing production and lowering international coal prices over the last 2 years….their probably collateral intention to get US coal out of the market is now
working against them..and the workers getting the worse part of the damage.