Mining giant Vale has announced plans to idle one of its Australian coal mines, as the effects of a struggling coal market take their toll.
Vale announced it was taking the necessary steps to place its Isaac Plains coal mine into care and maintenance, as the operation is not economically feasible under current market conditions. The decision was agreed by Vale and Sumitomo Corp., the Joint Venture partners of the Isaac Plains mine.
The decision is consistent with Vale's strategy to focus on discipline in capital allocation and maximising value for its shareholders.
Adapted from press release by Sam Dodson
Read the article online at: https://www.worldcoal.com/coal/30092014/vale-idles-australian-coal-mine-1371/