BHP may slash jobs at coal mines in Australia
Source: Agencies |
August 17, 2012, Friday
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Print Edition
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BHP Billiton said yesterday jobs could go at its Australian coal mines as the company faces a deteriorating market, the latest sign of global miners cutting operations on slowing industrial activity in China.
The prospect of job cuts raises doubts about the strength of Australia's mining boom, which has hinged on China importing hundreds of millions of tons of iron ore, coal, copper and other minerals year-in and year-out for most of the past decade.
In a 50-50 partnership with Japan's Mitsubishi, BHP operates a half-dozen coal mines in Queensland's Bowen Basin, yielding mostly metallurgical coal used in steel making. At peak output, they can supply up to a fifth of the world's traded coal.
BHP earlier this year closed one of the mines outright, citing poor profit margins. Rival Rio Tinto in July said it was cutting an unspecified number of jobs at one of its Australian coal mines as coal prices slid.
Weaker demand growth in China has hit prices of coal, iron ore and other commodities to their lowest levels in years.
The prospect of job cuts raises doubts about the strength of Australia's mining boom, which has hinged on China importing hundreds of millions of tons of iron ore, coal, copper and other minerals year-in and year-out for most of the past decade.
In a 50-50 partnership with Japan's Mitsubishi, BHP operates a half-dozen coal mines in Queensland's Bowen Basin, yielding mostly metallurgical coal used in steel making. At peak output, they can supply up to a fifth of the world's traded coal.
BHP earlier this year closed one of the mines outright, citing poor profit margins. Rival Rio Tinto in July said it was cutting an unspecified number of jobs at one of its Australian coal mines as coal prices slid.
Weaker demand growth in China has hit prices of coal, iron ore and other commodities to their lowest levels in years.
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