Image Sourced
Market Herald logo

Subscribe

Be the first with the news that moves the market

Wollongong Coal announced it will its remaining active mine at Wongawilli colliery. The company cited operational difficulties, and aged infrastructure and equipment. Forty-five jobs will effectively be cut, affecting operators, electricians, fitters and, deputies.

Mining was originally ceased on March 18, this year after receiving prohibition notices from Natural Resource and Mining regulators. The company attempted to resume work on April 1 but found further problems.

The company has also been undertaking care and maintenance of a seperate Russell Vale colliery since 2015. Due to halted work at Wongawili, the company has been sustaining ongoing financial losses maintaining Russell Vale colliery.

Wollongong Coal will continue to seek approval for underground expansion for Russell Vale, which will allow for extraction of high-quality coal.

A small team of remaining employees at Wongawilli will be used to undertake final care and maintenance. Trading in the company’s shares has been suspended since December.

Please find the announcement attached

WLC by the numbers
More From The Market Herald
Countplus (ASX:CUP) - Incoming CEO, Hugh Humphrey

" Hugh Humphrey appointed CEO of Countplus (ASX:CUP)

Investment services company CountPlus (ASX:CUP) has appointed Hugh Humphrey as the company's CEO, effective July 1.

" Barton Gold (ASX:BGD) kicks off new round of drilling at Tunkillia project

Barton Gold (ASX:BGD) has begun a drilling program at its Tunkillia gold project in South Australia.

" Acquisition of Afterpay (ASX:APT) receives approval from Bank of Spain

Payments firm Block has secured a key approval for its multibillion-dollar acquisition of Afterpay (ASX:APT) from…

" Afterpay shares rise after $317.2M placement

Afterpay shares increased nearly 10 per cent today, reaching a premium $26.49 per share following $317.2…