BHP Billiton plc (NYSE: BHP) today announced the closing of its Norwich Park metallurgical coal mine in Queensland. The mine is one of six owned and operated by a 50/50 partnership between Billiton and Japan’s Mitsubishi.
In its announcement of the closure, Billiton said:
This situation has come about as a result of a combination of lower production, a significant increase in costs and lower coal prices. … The decision to cease production follows a seven week review of the mine’s viability. The review could not establish any immediate remedies that would allow the operation to sustainably return to profitability.
About 1,400 employees will lose their jobs as a result of the closure. Of that number about 500 are Billiton employees and the others are contractors. Heavy rains and flooding last year hurt production at the mine, and labor issues have affected all six of the partnership mines.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
