Mining giant Glencore has decided to close down operations at its Tahmoor coal mine in New South Wales, a move which will cost 350 jobs.
The mine produces around two million tonnes of metallurgical coal that is used in steel making, but is to cease due to falling global prices, largely driven by a lack of Chinese demand.
The company said in a statement: “The decision has been made as a result of continued low prices in global coal markets, which has meant the economic return from reserves still available at Tahmoor are not sufficient to warrant the investment required to mine them.”
Glencore still employs more than 7,000 workers in Australia and runs 18 mines, making it one of the most significant coal producers in the region.
The Tahmoor mine had been open since 1979, its 40-year innings to come to end in three years’ time.
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