BHP Billiton to Shut Down Australian Coal Mine

Reuters reported that BHP Billiton (NYSE:BHP,ASX:BHP) is going to close its Norwich Park coal mine, located in Northeast Australia, as it has been losing money for the last few months.

As quoted in the market news:

The move comes a year after massive flooding devastated coal mining in the Bowen Basin of Queensland state, followed by crippling rolling industrial action.

Norwich Park, yielding metallurgical coal used in steelmaking, is one of the smallest of six mines in Queensland operated under a 50-50 partnership between BHP and Japanese trading house Mitsubishi Corp.

Click here to read the full Reuters report.