3,500 Mining Jobs Lost as Bluestone Global Goes into Administration
By Vittorio Hernandez | August 6, 2014 9:12 AM EST
About 3,500 mining jobs would be lost, following the going into administration of Australian miner Bluestone Global. The company, listed in the Australian Stock Exchange, said in a statement on Tuesday that it failed to secure shareholder support to fix its balance sheet by merging with other companies.
Miners walk towards a mine to take part in search and rescue operation for their colleagues trapped in a coal mine after a mining disaster in Soma, a district in Turkey's western province of Manisa May 16, 2014. The operator of a Turkish mine in which 284 people died this week and 18 remain trapped said on Friday the exact cause of a fire was still unclear but that a build-up of heat had caused a partial collapse in the plant. Rescuers were still trying to reach parts of the coal mine in Soma, 480 km (300 miles) southwest of Istanbul, three days after a fire knocked out power and shut down the ventilation shafts and elevators, trapping hundreds underground in Turkey's worst ever mining disaster. REUTERS/Stringer
The majority of its subsidiaries, such as hire firm Resco which provides mining services in the New South Wales Hunter Valley region, would be liquidated.
Craig Shepard, the appointed liquidator, said it is trying to find new work for the affected 3,500 contract workers and 180 full-time employees of Bluestone Global and its subsidiaries. He said the nature of the on-hire employment contracts of the 3,500 would make it easier for them to be re-engaged to perform the same tasks.
KordaMentha, the appointed administrator, said it is working on the payment of all affected workers' entitlements such as unpaid salaries and mandated severance payments. Prior to Bluestone's going into administration, it had a market value of about $5 million.
The administrator had struck a deal on Tuesday with Skilled Engineering and WorkPac to provide employment to 95 per cent of 450 ResCo jobs.
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