Glencore announces Tahmoor mine in New South Wales to close

June 3, 2016

mining company announced yesterday the closure of its coal mine in, ,. The mine is to be closed by early 2019, pointing to the downturn of coal prices in global markets.

Glencore stated, "The decision has been made as a result of continued low prices in global coal markets, which has meant the economic return from reserves still available at Tahmoor are not sufficient to warrant the investment required to mine them".

The closure will result in a loss of 350 jobs according to the company, who said they are consulting with the employees.

The mine is not the only operation impacted by the fall of global coal and commodity prices. The Australian arm of mining magnate has reported losses of almost 3 billion in 2015. According to latest financial reports for Peabody subsidiary Peabody Australia Holdco lodged via, the company earned a net loss of A$2.7 billion &mdash; after a loss of A$1.2 billion in 2014. Accountants at Peabody Australia have warned the mine might not be able to continue operating, with the market persistently weak since December.

Despite low coal and commodity prices, both the major political parties have been supportive of coal mines. While appearing on the ABC's  program on Monday night, Coalition MP confirmed party support of coal mines. In response to an audience member question, concerning what policies the panellists had planned to combat job and economic loses in after the mining boom, Ciobo stated the Coalition government supports ’s new  in the  &mdash; as an example of “transitioning” the state's economy.

MP said although she doesn't personally support Adani's Carmichael project, the state Labor government "didn't have much discretion" surrounding its approval. Meanwhile, party leader  criticised responses from the panellists claiming the "great tragedy" is both major parties support of coal mines such as Carmichael.

"If you care about tourism you don’t open up a whopping great big coal mine and fuel catastrophic ", said Di Natale.

Di Natale accused both major parties of being deceitful in "slashing" both the target of and agency funding for, leaving no plan to realize the investment potential of the renewable sector.