Mining Weekly reported that Anglo American plc (LSE:AAL) will probably cut an unspecified number jobs at its Australia-based Drayton thermal coal mine in the near future. The reason for the cuts, said the company, is that it must lower production there as it awaits government approval to extend the mine’s life.
As quoted in the market news:
The global miner said the jobs loss is the consequence of a delays in getting the go-ahead for its Drayton South mine extension project, planned to extend the life of the existing 30-year-old Drayton mine which would otherwise run out of coal reserves next year.
The production schedule at Drayton, in New South Wales, will move from seven weekly shifts currently to five shifts from July 1 to extend the life mine a little, the company told employees.