Australia coal firms dig in for years of mine closures, job cuts

Australian coal miners are steeling themselves for years of production cuts, job reductions and asset sales as swelling shipments from international rivals lower hopes of a recovery in prices for coal.

Prices have slumped around 30 per cent since their peak two years ago as coal flooded global markets, especially from the United States where cheap gas has cut domestic demand and led to a nearly 50 per cent jump in thermal coal exports last year. Even robust Chinese and Indian demand growth is failing to soak up the plentiful supply.

via Business feed http://www.scmp.com/business/companies/article/1244894/australia-coal-firms-dig-years-mine-closures-job-cuts