RIGHT BG
Yanzhou Coal Mining Co, China's fourth-largest producer of the fuel, plans to cut about 400 jobs at its two Australian units to save costs amid weak coal prices.
The units employ about 3,000, mostly Australian, workers, Zhang Baocai, a company spokesman, said on Wednesday. Yanzhou Coal reported a first-half net loss of 2.07 billion yuan ($338 million) after coal prices in China, the world's biggest market for the fuel, dropped to a four-year low.
The job cuts were reported earlier on Wednesday by Hong Kong's Ming Pao newspaper, citing Chief Financial Officer Wu Yuxiang.
Wu also that said all of the company's temporary workers in China would be laid off, the paper reported.
Yanzhou Coal amends performance report
2013-07-30Coal sales, output fall as demand falters
2013-08-21China's coal output, sales decline
2013-08-20Shanxi takes actions to steady local coal market
2013-08-01Coal price falls to 4-year low
2013-07-30Copyright ©1999-2018
Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
