Wollongong Coal has announced they will cut 80 positions at its Russell Vale mining operations after struggling through the mining downturn.
The company said mining will be suspended at the operation in southern NSW because of difficulty operating paired with financial conditions.
“Wollongong Coal has been facing a tough operating environment for some time including ongoing delays in the approval of the company’s underground expansion project and significant financial losses,” CEO Milind Oza said.
“This decision is not taken lightly and we have continually attempted to avoid this unfortunate situation by undertaking a series of workforce restructurings.
“Ongoing operations at the colliery are simply not sustainable at this point in time.”
The company’s annual results show revenue down 87.7 per cent to $8.5m, with losses for the year up 17.6 per cent to $199m.
Wollongong Coal said it will continue to seek approval for the underground expansion at Russell Vale.
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