SYDNEY (Reuters) - Mining giant Xstrata Plc XTA.L said Tuesday it will close its Brisbane office as part of a restructuring of its coal business in Australia, and a source with knowledge of the situation said 100 jobs would be lost.
The closure of the office in the state of Queensland reflects tough times in the Australian coal industry, with at least 25 percent of the country’s coal mines estimated to be losing money.
Xstrata Coal, the world’s biggest sea-borne exporter of thermal coal, said it would fold its Queensland office into its New South Wales office to create a new centre for Australian operations.
The company did not say how much money it would save with the move.
In September, the company cut around 600 jobs in Australia to help cut costs as it battles sliding coal prices, high costs and a strong Australian dollar.
Reporting By Maggie Lu Yueyang; Editing by Stephen Coates