Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

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

4/11/2012 1:33 AM ET

BHP Billiton Mitsubishi Alliance or BMA, a joint venture between BHP Billiton (BHP: Quote, 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.

Click here to receive FREE breaking news email alerts for BHP Billiton Ltd and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Data storage solutions provider EMC Corp. (EMC) reported that net income attributable to the company for first-quarter 2014 declined to $392 million or $0.19 per share, from $580 million or $0.26 per share in the same quarter last year. Non-GAAP net income attributable to the company was $728 million... U.K. Chancellor George Osborne achieved his budget deficit target for 2013/14 as buoyant economic growth boosted tax receipts. Data from the Office for National Statistics on Wednesday showed that net borrowing totaled GBP 107.7 billion in the fiscal year ended March 2014, the lowest since the 2008/2009 financial crisis. Thailand's central bank left its key interest rate unchanged on Wednesday, after trimming it in the previous month amid the lingering political impasse. The Monetary Policy Committee of the Bank of Thailand voted 6-1 to leave the main policy rate unchanged at 2 percent, which is the lowest level since December 2010. The decision was in line with economists' expectations.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.