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New UserNew Hope cuts jobs as coal slumps
29 May 2014
New Hope has joined the list of Australian coal miners cutting jobs, as slowing Chinese demand and a boom in US shale gas production keeps prices in the doldrums.
Australia’s largest-listed pure-play coal miner by market value said positions would become redundant at its West Moreton mine in Queensland and its corporate office.
A spokeswoman said it would cut about 5 per cent of its workforce of around 600 people, which works out at about 30 positions.
New Hope’s saleable coal production for the three months through April rose by 18 per cent on-year to 1.43 million tonnes.
Coal sales, however, fell 17 per cent to 1.33 million tonnes, which the company pinned on uneven shipment timing.
New Hope in March booked a 67 per cent slide in first-half profit and said it expected global coal markets to remain oversupplied for at least another year.
As a result, the company pushed back timelines on several development projects, including plans to develop the Lenton deposit in Queensland.
Glencore said in March it would shutter its Ravensworth underground operation this year, the first coal mine suspended by the Switzerland-based resources giant, due to the sharp slide in prices.
BHP Billiton, which through its partnership with Mitsubishi Corp is the world’s largest coking-coal exporter, has already closed mines, including its Norwich Park and Gregory operations in eastern Australia.
Source: http://www.theaustralian.com.au/