Menu
Business

Xstrata dumps Thiess as Collinvsille Coal Mine manager

SWISS mining giant Xstrata will take control of Collinsville Coal Mine away from Thiess as it fights to have the project turn a profit.

In a statement from Xstrata, Collinsville Mine - northwest of the Central Queensland coastline - is described as having "suffered substantial financial losses" although these are blamed on lower coal prices, the high Australian dollar and high operation costs.

Xstrata has owned Collinsville for the past decade, but has left the day-to-day handling to Thiess.

By dumping Thiess and taking over, Xstrata hopes to "restore the mine's viability".

In its media release, the company describes working closely with Thiess in deciding the future of the mine, but said Collinsville required "a more comprehensive reorganisation".

Xstrata will take control later this year.

Topics:  collinsville mine thiess xstrata


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Enova energises local power at Expo

Lismore Heights Primary School kids were excited to be photographed with Mike Haydon and some of Lismore's solar powered and electric vehicles in lead up to Enova Energy Expo at City Hall.

Enova energises local power at Expo

Need to Eat The Street and be safe in the street

Need to Eat The Street and be safe in the street

Women's festival celebrates over 8 days

Lismore Women's Festival 2018 poster

Women's festival celebrates over 8 days

Local Partners