500 Mining Jobs Axed in Australia

Peabody Energy Corp and Glencore Xstrata will cut around 500 mining jobs in Australia, a company official and trade publication says, as a global glut in coal supply pushes down prices. Peabody plans to cut around 450 contractor jobs, while Glencore Xstrata will lay off around 46 employees at its Ravensworth coal mine. Anglo American chief executive Mark Cutifani said today the outlook was grim for mining as companies adapt to lower prices and weakening demand. Prices for thermal coal, used for [...]

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