Another 210 Queensland mine jobs axed
COAL giant Peabody Energy is cutting up to 40% of staff at its North Goonyella Mine in Queensland.
The miner today announced that it is reducing metallurgical coal production by around 1.5 million tons per year from the site in order to lower costs, improve cash flow and increase productivity.
They plan to preserve the coking coal reserves for sale at a time when the market improves.
Over the next month Peabody will axe between 35 to 40% of the 525 staff as they transition to one production shift per day.
Peabody expects production at the mine to decline to approximately 2.3 million tons this year from originally projected 2015 production levels of 3.0 million tons.
Coking coal prices have dropped 23% this year.