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BHP warns of job cuts in coal as China cools
SYDNEY (Reuters) - BHP Billiton (BHP.AX: Quote) (BLT.L: Quote) said on Thursday that worsening market conditions could lead to job cuts at its Australian coal mines, as slowing industrial activity in China forces global miners to scale back operations.
Global coal output is set to shrink over the next year or two as miners grapple with a combination of low prices, weak demand and currency headwinds, and high-cost Australian operations are under particular pressure.
Australia's mining boom has hinged on China importing hundreds of millions of tonnes of iron ore, coal, copper and other minerals for most of the past decade, but China's economy is now growing at its slowest pace in more than three years.
Read the full article here.
SYDNEY (Reuters) - BHP Billiton (BHP.AX: Quote) (BLT.L: Quote) said on Thursday that worsening market conditions could lead to job cuts at its Australian coal mines, as slowing industrial activity in China forces global miners to scale back operations.
Global coal output is set to shrink over the next year or two as miners grapple with a combination of low prices, weak demand and currency headwinds, and high-cost Australian operations are under particular pressure.
Australia's mining boom has hinged on China importing hundreds of millions of tonnes of iron ore, coal, copper and other minerals for most of the past decade, but China's economy is now growing at its slowest pace in more than three years.
Read the full article here.