St. Louis Based Peabody Energy plans to cut 450 jobs at Australian coal mines.
The St. Louis Business Journal reports along with Switzerland-based coal company Glencore Xstrata, a combined 500 mining jobs in Australia will be cut as global coal supplies push down prices.
The cuts will take place over the coming weeks across Peabody's operations in Queensland and New South Wales, where it mines both coking and thermal coal.
Prices for coking coal, used in steel making, have fallen about 40 percent in the last year while prices for thermal coal, used in power generation, have dropped 30 percent in the last two years, according to the news agency.
St. Louis-based Peabody Energy (NYSE: BTU), the world's largest private-sector coal company, reported a loss of $575.1 million in fiscal 2012, on revenue of $8.1 billion.
The Calumet Specialty Products Partners plant in Louisiana, Mo. is expanding as a $40 million project begins.
The company produces specialty hydrocarbon, selling to firms like ExxonMobil, Sherwin-Williams and L'Oreal.
Governor Jay Nixon's office says Missouri is providing tax incentives for the expansion contingent upon the company meeting criteria for job creation and investment.