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Edward Swift Sharecast News
07 Dec, 2015 08:28 07 Dec, 2015 09:15

Glencore to axe majority of jobs at Australian mine

Glencore has announced it will cut 180 jobs at its Collinsville mine in north Queensland, Australia, ABC News reported on Monday.

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The company said in a statement that cuts at the mine, which employs 230 people, are a result of falling coal prices and market oversupply, leading to the mine incurring financial losses.

ABC News reported the company described the situation as one of the most difficult in the coal industry's recent history.

Glencore said the move was a result of challenges being faced by all Australian coal mines.

It’s not the first lot of cuts at the mine - in May the company cut 80 jobs in an attempt to reduce coal production at the site.

ABC News said Collinsville is Queensland's oldest coal mine and has been in operation for almost 100 years.

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