Peabody bankruptcy could threaten Australian jobs: CFMEU

Peabody Energy filed for Chapter 11 bankruptcy protection in the US as it struggles to repay $US10.1 billion in debt because of the plunge in coal prices.

Peabody said its 10 Australian mines in Queensland and New South Wales are not affected by the move and the Federal Resources Minister, Josh Frydenberg, told AM he is confident that local workers would not lose their jobs.

"I spoke to the president of Peabody and they informed me that they will not be reducing their Australian workforce," Mr Frydenberg said.

"They have funding to continue with their Australian operations and they see their work in Australia as being core to their operations, particularly the proximity their Australian mines have to key demand in Asia."

Peabody Energy said its Australian subsidiary employs 2,305 workers, evenly split between Queensland and New South Wales, but Mr Frydenberg said it is closer to 3,500 when contractors are included

Read the ABC story - “Peabody bankruptcy could threaten Australian jobs: CFMEU.”