Mining company will reduce workforce
Svalbard’s coal mining company, Store Norske, will reduce its workforce by 90 employees.
Due to the financial crises the coal prizes fall from USD 175 last autumn to USD 53 at its lowest the first half year 2009, and is no around USD 70 per ton, reports Svalbardposten.
The state-owned Store Norske has offered all its employees aged 55 to 60 an early retirement incentive. The number of employees will be reduced from 400 by the end of 2007 to 310 by the end of next year. The goal is to reduce the workforce down to 250 within 2015, Svalbardposten reports.
Store Norske produce coal from the Svea Nord mine at Svalbard.
