Sumitomo, Vale to shut Isaac Plains coal mine due to low prices-statement

lunes 29 de septiembre de 2014 02:30 GYT

TOKYO, Sept 29 (Reuters) - Japan's Sumitomo Corp said on Monday it and partner Vale SA will shut down their Isaac Plains coal mine in Queensland, Australia by the end of January next year because of the slump in coal prices.

The Isaac Plains mine, located in the coal-rich Bowen Basin in Queensland, produces coal used in power generation and steel production. The mine has proven reserves of more than 44 million tonnes, according to its website.

BHP Billiton < BHP.AX ><BLT.AX > and Mitsubishi last week said they were cutting about 700 jobs at coal mines they operate in the Bowen Basin, citing tough market conditions. (Reporting by Aaron Sheldrick and Jim Regan; Editing by Miral Fahmy)