• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 19 hours IMO 2020 could create fierce competition for scarce water resources
  • 14 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 4 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 1 day IMO2020 To scrub or not to scrub
  • 4 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 4 hours Total nonsense in climate debate
  • 9 hours Theresa May to Step Down
  • 19 mins Will Canada drop Liberals, vote in Conservatives?
  • 1 day Devastating Sanctions: Iran and Venezuela hurting
  • 36 mins Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 43 mins Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 1 day Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 1 day Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
Hydrogen Fuel Tech Just Got A Major Boost

Hydrogen Fuel Tech Just Got A Major Boost

Researchers from Lancaster University have…

On The Cusp Of War: Why Iran Won’t Fold

On The Cusp Of War: Why Iran Won’t Fold

Iran’s Supreme Leader Ayatollah Khamenei…

Glencore Cuts 80 Percent Of Jobs Here As Coal Demand Tanks

Mining and commodities giant Glencore (LON:GLEN) said Monday it is cutting production and 80% of the remaining staff at its Collinsville mine in Australia’s North Queensland as a result of collapsing coal prices.

The cuts would affect around 180 of the 230 people employed at the mine, with most of the layoffs materializing next year, the Swiss company announced in an e-mailed statement.

Related: Russia And Turkey: Teetering On The Brink

Glencore, the world’s biggest exporter of thermal coal, also noted that it is taking further steps to reduce production at Collinsville, beginning by closing the mine for three weeks during the holidays.

The company, which became in recent months the poster child of how hard companies have been hit by an ongoing sell-off in raw materials, described the current coal market as one of the most difficult in the industry's recent history. The Collinsville operation in Queensland's Bowen Basin has been under financial strain for much of 2015. In May, Glencore cut 80 jobs from the same mine in an attempt to reduce coal production at the site.

Related: North America’s Best Shale Patch 

"It is a particularly difficult decision given the significant effort and the improvements made at Collinsville by Glencore and the entire workforce over the last two years in attempting to turn around the mine's financial position," the company said.

Glencore, the worst performer in the FTSE 100 index in 2015, has recently taken a series of drastic measures aimed at cutting its nearly $30 billion debt by a third. The $10 billion package of debt-reduction actions, unveiled in September, included halting its copper mines in the Democratic Republic of Congo and Zambia, in a move that it says will take 400,000 tonnes out of the market and potentially provide a boost to metals prices.

Glencore said it would reassess its plans for the operation during 2016, and signaled it was keeping all its mines under review.

By Cecilia Jamasmie via Mining.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News