Glencore, the world's biggest thermal coal trader, said on Monday it plans to lay off contractors at its coal operations in Australia's New South Wales state due to a prolonged market downturn.
Contractors at the Hunter Valley Operations (HVO) will depart next month, Glencore said in a statement. The miner holds a minority 49% stake of the joint venture with Yancoal, and manages the mine's communications.
“Hunter Valley Operations has initiated discussions with the mine’s workforce on changes that will be made to the coal processing requirements from January 2021 as a result of ongoing economic and energy demand impact arising from the COVID-19 pandemic,” Glencore said, without providing details about the number of contractors who would be made redundant.
Read the full article in MELBOURNE (Reuters) – by Melanie Burton 16 Nov 2020