Brazilian mining giant Vale has decided to sell its coal mine in Queensland, Australia, following several cost cutting efforts and asset writedowns across its operations in the country.
Degulla mine in Queensland’s Galilee Basin will be Vale’s third Australian mine to be put up for sale, according to reports.
Earlier this year, the company took a $1bn writedown against the value of its coal mines in Australia due to falling commodity prices.
With the latest move, the company will join other major mining firms that are currently selling their assets in the country amid rising costs and dipping commodity prices.
Recently, mining companies Peabody Energy, Glencore Xstrata and Downer EDI have together announced more than 1,000 job cuts.