vale pulls the pin

500 mine workers at Integra coal mines in the New South Wales Hunter Valley have lost their jobs.

Employees at Glennies Creek underground and Camberwell open cut mines near Singleton were told operations will be shut down, also facilities will be maintained.

Integra, which is part of Brazilian mining giant Vale, has blamed poor coal prices and exchange rate.

This is actually good news! The sooner we get the supply demand balance in order, the sooner we can get on with business.