The Conversation (0)
The International Business Times reported Rio Tinto will be cutting some of the 770 jobs on its Clermont Mine in Central Queensland.
The International Business Times reported Rio Tinto will be cutting some of the 770 jobs on its Clermont Mine in Central Queensland.
As quoted in the report:
The reduction of manpower is being blamed on drop in coal prices in the global market, which has plummeted to $83 a tonne from $115 a year ago due to higher coal production from the U.S. and lower-than-expected demand from China. The cost-cutting measure is also due to new taxes, rising fuel and equipment bills, and higher costs of operations faced by mining firms.
Wood Mackenzie coal analyst Rudi Vann commented:
U.S. and Russian miners have the highest cost and their competition for European market share will provide a floor price, which we think has already been reached, we don’t expect an improvement in prices until later this year.
Click here to read the full International Business Times report.