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Teck Resources Cutting Jobs after Price of Coal Plunges

Coal News - Published on Thu, 10 Oct 2019

Image Source: cbc.ca
CBC News reported that coal workers in British Columbia are bracing for leaner times. The price of metallurgical coal which is used to make steel has fallen by about 40 per cent since the summer and Teck Resources which operates four mines in the province's Elk Valley region is warning employees there will be layoffs. In a letter dated September 26th from Robin Sheremeta, Teck's senior vice president of coal, to all employees at the four operations, the company noted the price of coal had dropped from approximately USD 210 per tonne to about USD 130 per tonne in a few weeks. The letter outlined Teck's plans to save money which include an immediate salary and hiring freeze, reduced and deferred training and job losses.

Mr Dean McKerracher, the mayor of Elkford, BC, a community in the Elk Valley, worked at Teck for 32 years and said the cuts are certainly going to hurt Elkford residents, many of whom depend on the company for a paycheck. He said "They'll do whatever they have to do to trim the fat, so to speak, for their operations. They'll lay off as many employees as they can."

Source :

Posted By : Rabi Wangkhem on Thu, 10 Oct 2019
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