Announcement by RIO that it will reduce its workforce as it cuts coal production to the Newcastle Dock by 18%, has sent Felix stock sharply down.
Felix mines at Yarrabe and Minerva, Queensland are not affected, but the Ashton open-cut and recently opened underground mine will be.
As the new terminal is to be opened in stages this cut-back should only last for the duration of 2007 and will reduce shipping queues. Thus reducing demurrage charges.
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