It is a very disappointing announcement for Australian coal industry and for canning basin. Due to lower commodity price, carbon tax and high cost drilling, it has become uneconomical to drill coal or most of commodity in Australia. The SP is doomed for sure. Unfortunately, company not diverse in assets and is limited to just coal and , will left nothing to do for next 6-12 months. Most of coal based companies are affected with current government decision on carbon tax. Julia you get credit for ruining coal industry and job loss. Below is the article on job loss in coal mining industry.
