MARKETS

Steelmaker denies North Goonyella negotiations

SOUTH Korean steelmaker POSCO has denied reports it is in talks to buy a minority stake of Peabody Energy’s North Goonyella longwall mine.

Blair Price
Steelmaker denies North Goonyella negotiations

The Australian Financial Review claimed the pair were in on-again, off-again discussions for months with no agreement on the price.

However, POSCO spokesman Kang Min Suk called this report “completely incorrect”

He told Bloomberg that POSCO had looked at Goonyella but the report of engaging in talks to buy a stake was wrong.

Earlier this month Peabody announced plans to half production at the North Goonyella longwall mine to 1.5 million tonnes per annum of capacity.

“Over the next month, the mine is expected to transition to one production shift per day, with associated employee and contractor reductions of 35 to 40%,” Peabody said on June 3.

This percentage equates to up to 210 job losses based on estimates of a 525-strong workforce at this underground coal mine.

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