10th Feb 2015 16:27
LONDON (Alliance News) - Anglo American PLC (AAL.L, AAUKY.PK) is cutting jobs at its Drayton coal mine due to diminishing reserves.
The company plans to hand over the pink slip to 45 workers as the aging mine's coal reserves run out.
Anglo American has been unsuccessfully trying to get approval for the Drayton South operation from the NSW Planning and Assessment Committee. Drayton South was meant as a replacement for the effete Drayton mine.
An approval of the Drayton South operation would have prolonged the life of the coal mine for 20 years; Anglo American earlier warned that the fate of 500 jobs depends on the extension being approved.
The company filed an application for the mine extension in 2011 but local citizens opposed the proposal, saying it would hurt the tourist and wine industries in the vicinity.
In London, Anglo American shares are trading at 1,149.00 pence, down 35.00 pence or 2.96%.
Copyright RTT News/dpa-AFX
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