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China Daily reported that Longmay, the largest coal mining group in Northeast China, is planning to cut 100,000 jobs over the next three months.
China Daily reported that Longmay, the largest coal mining group in Northeast China, is planning to cut 100,000 jobs over the next three months.
As stated in the publication:
Heilongjiang Longmay Mining Holding Group Co Ltd, which has a 240,000 workforce, said a special center would be created to help those losing their jobs to either relocate or start theirown businesses.
Chaiman of the group Wang Zhikui said the job losses were a way of helping the company”stop bleeding”.
It also plans to sell its non-coal related businesses to help pay off its debts, said Wang.