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.
FLX Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
