Mining giants Peabody Energy and Glencore Xstrata have rolled back their respective coal operations and terminated nearly 500 workers at Australian coal mines.
Peabody has laid off 450 contractor jobs at its coal mines in Queensland and New South Wales (NSW) in the wake of faltering commodity prices.
Glencore Xstrata, meanwhile, has suspended its $142m Liddell underground expansion at the Ravensworth mine in NSW. In the process, the company has slashed 47 jobs at the mine.
The Australian quoted Peabody spokesperson as stating that the staff cuts have been carried out due to the current market conditions and are eventual efforts of the company to reduce costs.
The production roll back would secure long-term competitiveness of the company, added the spokesperson.
Ravensworth general manager Tony Galvin said that the company is looking to continue the operations at the mine, however, at the lower level that would result into reduced workforce.
Jobs cut at Glencore Xstrata’s mine would reduce staff by 26% with around 130 employees retaining their jobs.