logo
Share SHARE
FONT-SIZE Plus   Neg

BMA To Stop Production At Norwich Park Mine Indefinitely - Quick Facts

BHP Billiton Mitsubishi Alliance or BMA, a joint venture between BHP Billiton (BHP, BBL, BLT.L,BHP.AX) and Mitsubishi Corp. (MSBHY.PK, MBC.L), plans to cease production at Norwich Park Mine indefinitely. The company said Norwich Park Mine has been losing money for several months, as a result of a combination of lower production, a significant increase in costs and lower coal prices. This decision to stop production follows a 7-week review of the mine's viability.

BMA Asset President, Stephen Dumble said, "This decision was not made lightly. However, the impact of last year's floods, combined with lower coal prices and high costs, has resulted in an operation that is not currently viable." Dumble continued, "Importantly, this decision on Norwich Park Mine is not reflective of the broader quality of our world class Queensland Coal operations." It is also noted that the mine would not re-start its operations, until viable solutions are found.

Also, BMA would target to maximise redeployment opportunities for Norwich Park employees to Saraji Mine to enable, where possible, those employees and families to remain living in Dysart.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Lab equipment maker Thermo Fisher Scientific Inc. has agreed to acquire electron microscope maker FEI Co. for about $4.2 billion in cash, the two companies said Friday. Thermo Fisher noted that FEI's electron microscopy platform will complement its own mass spectrometry systems to accelerate advancements in structural biology. While reporting a wider loss for the first quarter, Sears Holdings Corp. said it has decided to "aggressively evaluate" all potential alternatives for its top brands - Kenmore, Craftsman and DieHard or KCD, and the Sears Home Services or SHS businesses. Sears has retained Citigroup Global Markets and LionTree Advisors to assist in its efforts. Philips Lighting, the splinter group of Dutch consumer electronics giant Philips, saw its shares rally around 8.50 percent on its debut on Friday at the Amsterdam stock exchange. The shares are currently at 21.70 euros, above its set pricing of 20 euros per share.
comments powered by Disqus
Follow RTT