Toowoomba mining company to slash up to 100 jobs

Russell Mineral Equipment will cut 50-100 Toowoomba jobs early next year.
Russell Mineral Equipment will cut 50-100 Toowoomba jobs early next year.

UP TO 100 employees at Russell Mineral Equipment will be stood down as the company deals with declining investment in global mining industry.

The company made the announcement today after advising staff last week.

Staff will be told before the end of December if their position are to be made redundant.

Those affected will have jobs until the end of January.

In a statement, Russell Mineral Equipment said that it had experienced a 20 per cent reduction in demand for capital equipment in February this year.

A futher 41% downturn is forcast from February 2014.

"To remain viable as both a successful Queensland enterprise and an Australian-owned and operated company throughout this phase of the industry's economic cycle, (Russel Mineral Equipment) is preparing to reduce position numbers at its Toowoomba headquarters," the statement read.

"Between 50 and 100 positions are likely to be shed from its manufacturing operations from early 2014."

Managing director Dr John Russell said all would be done to "mitigate the effects of changes for its employees".

"We are working towards preserving as many jobs as possible and conserving the operations of the business to ensure Russell Mineral Equipment is sustainable into the future," he said.

"RME values the contributions of the teams which have helped to grow this business into one of the region's most innovative and successful ventures over the past three decades".

Topics:  economy job losses mining russell mineral equipment toowoomba

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