Caledon, which owns the Cook mine in Queensland’s Bowen Basin, said today it had revised its 2009 production target downward from 900,000 tonnes to a minimum of 400,000t.

Caledon blamed a “significant deterioration in the market outlook of coking coal over the past month”, but said it would increase levels beyond 400,000t next year if market conditions improved.

The company had also forecast saleable production of 500,000t this year, but in the wake of production constraints has now revised this figure to 460,000t.

Caledon will also close its London office with its Brisbane base taking over tasks. Three staff in London have been made redundant.

Caledon shares remained unchanged on the Australian Securities Exchange at 28c this morning.