26th Feb 2014 09:48
LONDON (Alliance News) - Anglo American PLC plans to cut jobs at the Drayton thermal coal mine in Australia later this year following problems with getting planning approvals, the company told employees at the site on Tuesday.
The major diversified mining company said it will now move to a five-day roster rather than seven days at the site, after delays to planning approvals held back the expansion of a nearby project designed to extend the mine's life.
The company said it will now slow production to preserve remaining reserves but did not specify how many jobs from its 500 strong workforce at the site would be lost.
The Drayton mine is 30 years old and is due to run out of mineable coal reserves in 2015.
The company had attempted to get planning approval for its nearby Drayton South project last year but the New South Wales Planning Assessment Commission in December recommended significant changes to the company's mine plan.
?Despite the expected redundancies with the roster change, my overall goal is to keep as many people employed as possible, and minimise the overall impact on people and the community," the Drayton Mine's General Manager Clarence Robertson said.
Anglo American shares were up 0.6% to 1,509.00 pence, putting it in the top three FTSE 100 risers Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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