Whitehaven Coal Limited
(ASX:WHC) will cut 40 staff as part of cost cutting initiatives to support the ongoing viability of its Tarrawaonga and Rocglen open cut mines in New South Wales.
Managing director Tony Haggarty says the coal miner is not immune from the continued weakness in global coal prices.
Mr Haggarty says, while difficult, the decision to cut staff was clearly necessary to ensure sustained viability in the current pricing environment.
Other reasons offered for the cuts include an unfavourable foreign exchange rate and operating margin pressures, with cost cutting intitiatives extending to reductions in machinery as well.
Whitehaven Coal reported a net loss of $47 million for the first half of fiscal 2014.
