Referenced Stocks

Dropping Coal Prices Cause Job Losses in Rio’s Queensland Mine

By International Business Times,  July 19, 2012, 08:38:36 PM EDT

Australian mining giant Rio Tinto ( RIO ) announced on Thursday that it will declare some redundancies on its Clermont Mine in central Queensland which has a total of 770 workers and opened only in 2010.

The reduction of manpower is being blamed on drop in coal prices in the global market, which has plummeted to $83 a tonne from $115 a year ago due to higher coal production from the U.S. and lower-than-expected demand from China. The cost-cutting measure is also due to new taxes, rising fuel and equipment bills, and higher costs of operations faced by mining firms.

Read More on International Business Times




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: RIO



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