Coal news and updates

In a statement this morning, Gujarat Chairman Jasbir Singh announced the company would reduce its workforce by 20 per cent.

 

Mr Singh says difficult market conditions continue to affect the overall viability of the business.

 

It is the latest blow for the company, with employees recently working almost six weeks without pay to keep Gujarat's Illawarra mines open.

 

In this morning's statement, Mr Singh said despite a multi-million dollar injection of cash from the company's major investor Jinal Steel and Power, further cost cuts are imperative for Gujarat's mines to remain sustainable.

 

It is hoped the majority of the positions to go will be filled by voluntary redundancies or natural attrition.

 

Graham White from the Mining Division of the CFMEU says the union was called in for discussions on redundancies yesterday.

 

He says the redundancies will be widespread.

 

"They are talking across all ranks, that number is across all ranks including staff, engineers, deputies and trades and miners," he said.

 

 

Source: http://www.abc.net.au/