Solid Energy Coking Coal Miner Plans to Cut 300 Jobs at Stockton
Coke | 2014-06-09 08:05:22
Due to the continuous weakening of high grade coking coal price, there would be jobs cuts at Solid Energy's main open cast coking coal mine, Stockton.
By Paul Ploumis
WASHINGTON (Scrap Monster): Due to the continuous weakening of high grade coking coal price, there would be jobs cuts at Solid Energy’s main open cast coking coal mine, Stockton. This news is again a bad news for the Westport community as due to the declined prices Bathurst Resources put on hold its new mining plans.
A spokesman from the company said the there might be more than 300 job cuts from 514 string workforce at Stockton but confirmed that the company would speak to the mine staffs. After confirmation, the restructuring will be the first major step taken by the company’s new CEO, Dan Clifford, who was formerly the senior manager at Australian miner Glencore.
The expected decision comes even though there is a continuous weakness in the high grade coking coal values. According to the reports, the coking coal prices reached above USD 300 per tonne in 2011 however it slipped down below USD 100 per tonne in March, lowest since 2008.
Due to the flood of coking coal exports from BHP Billiton’s Australian mines, Anglo American and Wesfarmers, Glencore Xstrata was also curbing coking coal production in favor of thermal coal. Coking coal producers from North America have been cutting the production as well due to declined coking coal prices.
