Mark Cutifani says the outlook is grim for mining as companies adapt to lower prices and weakening demand.
by David Stringer, MineWeb.com
Anglo American Plc Chief Executive Officer Mark Cutifani said the outlook is grim for mining as companies adapt to lower prices and weakening demand.
“It does look pretty grim, certainly for the thermal coal industry,” Cutifani said in a speech to a mining industry forum in Canberra today.
Anglo is cutting jobs and halting production at its Aquila coal mine in Australia’s Central Queensland, while Glencore Xstrata Plc, the world’s largest exporter of power-station coal, is shedding staff at its Ravensworth mine in New South Wales state, the company said in a statement on June 25.
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