Sana Biotechnology stock higher after Eric Jackson touts 100-bagger potential
Investing.com -- Anglo American has reduced its workforce in Queensland, Australia, cutting a "small number" of jobs at its Brisbane office and nearby coal mines as part of efforts to streamline operations in response to lower coal prices and increasing costs, according to Reuters onThursday.
The job reductions, which occurred primarily through voluntary redundancies, come just one day after competitor BHP eliminated 750 positions at a coking coal mine in the same region.
BHP cited similar challenges of depressed coal prices and high state government royalties that have negatively impacted returns.
"These changes are essential to secure the future of our steelmaking coal operations in Central Queensland," said Ben Mansour, vice president for people and corporate relations at Anglo American Australia.
While Anglo American did not specify the exact number of positions eliminated, Australia’s ABC News reported that approximately 200 jobs were affected, according to information from the Isaac Regional Council.
The mining company’s decision reflects ongoing adjustments in Australia’s coal sector as companies adapt to challenging market conditions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.