200 jobs as mine takes on new life
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200 jobs as mine takes on new life
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Golden Energy and Resources Ltd (GEAR), an international energy and resources company, has announced its full year results for the financial year ended 31 December 2020 (FY20).
Fuganto Widjaja, Executive Chairman of GEAR, said: “FY20 was a transformational year for GEAR, characterised by corporate actions which enabled the group to further diversify into metallurgical coal and gold. The strategic increase in stake of Stanmore Coal and acquisition of Ravenswood Gold evolved out of rational forecasts of long-term business prospects and their valuations in recent times when we had opportunities to invest. Last year was a turning point as we rode the peaks and troughs of the markets, realising investment gains and securing other strategic investments which put us in good stead for the long term.”
Anglo to stick with coal despite losses, safety woes
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Anglo American chief executive Mark Cutifani has vowed to persist with Australian coking coal despite a string of safety incidents at the company’s local mines and big losses amid China’s ban.
Anglo’s Queensland coking coal mines lost $US177 million ($229.6 million) in the second half of 2020, and that result contributed to cumulative losses across the Australian coal sector of more than $2.1 billion during a dire six months.
Anglo American boss Mark Cutifani hopes to restart the Moranbah North mine in less than a month after another safety incident.