• 15 hours Oil Prices Rise After API Reports Major Crude Draw
  • 16 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 16 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 16 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 18 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 19 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 20 hours Whitefish Energy Suspends Work In Puerto Rico
  • 21 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 1 day Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 6 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry
  • 7 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 7 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 7 days Lower Oil Prices Benefit European Refiners
  • 7 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 8 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 8 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 8 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
Is The LNG Glut Real?

Is The LNG Glut Real?

LNG prices have fallen significantly…

MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Glencore Cuts 80 Percent Of Jobs Here As Coal Demand Tanks

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