International commodities producer and trader Glencore Xstrata will cut 450 jobs at its Newlands and Oaky Creek coal mines in Queensland, Australia due to falling coal prices, higher costs and the high Australian dollar, according to media reports.
These job cuts are expected to result in a loss of 3 million mt of coal production at these two Queensland mines.
Oaky Creek has an annual production capacity of 8 million mt of coking coal, while Newlands has an annual production capacity of 8 million mt of both thermal and coking coal.