Weak coal market prompts NSW job cuts
ONE of NSW’s largest underground coal producers has announced it will cut up to 120 positions from its seven mine sites across the state, due to ongoing tough market conditions. In late October, Centennial Coal stated the decision was based on record-high production costs, a weak US dollar export thermal coal price and a “stubbornly high” Australian dollar. Centennial has placed two of its mines on care and maintenance in the past 12 months, in an attempt to stem its production costs and to raise productivity. While some improvements had been achieved, gloomy market conditions were proving too strong against business profitability, the company stated. “Unfortunately, as there are few signs of an immediate improvement, and following the conclusion of...