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Business News/ Companies / Jindal Steel to suspend coal mine in Australia
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Jindal Steel to suspend coal mine in Australia

Mining operations at the Russell Vale Colliery will be suspended and placed into care and maintenance, said Wollongong

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Mumbai: Jindal Steel and Power Ltd’s subsidiary Wollongong Coal Ltd on Tuesday said it will suspend operations at one of Australia’s oldest coal mine Russell Vale, following difficult operating and financial conditions.

Mining operations at the Russell Vale Colliery will be suspended and placed into care and maintenance, Wollongong said in its press statement.

This will reduce the workforce by around 80 employees. The company will retain a small team for the mine’s care and maintenance, the statement said.

Milind Oza, chief executive of Wollongong Coal, said the company has been suffering due to a tough operating environment and delays in the approval of the company’s under-expansion project (UEP) at the Russell Vale mine.

“Wollongong Coal will continue to seek approval for the UEP at the Russell Vale Colliery, which will allow us to recommence extraction of high-quality coking coal which is in high demand by the global steel market," the company said.

Jindal Steel and Power holds a majority and management control stake in Wollongong Coal. Wollongong Coal in turn owns and operates Russell Vale Colliery and Wongawilli Colliery in the Southern Coalfields Region of New South Wales in Australia. Russell Vale has been in operation for the last 127 years.

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Published: 01 Sep 2015, 12:56 PM IST
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