BHP Billiton, Mitsubishi Layoffs Highlight Mining Industry Weakness

BHP Billiton Limited (NYSE:BHP) and Mitsubishi Corp (TYO:8058) are firing 230 workers from an Australian coal mine as dropping prices, global oversupply, and cooling Chinese demand force companies to reevaluate which of their mines are still viable, MarketWatch reports. Layoffs meant to keep Saraji mine competitive “A recent review of the Saraji mine by the company concluded that a fundamental improvement in the cost base of the open-cut operation is required to ensure that it remains competitive,” said BMA president Lucas Dow said in a statement. “BMA has made a number of changes across its operations to reduce costs and…