Coal mines in Mozambique started firing workers after election protests turned violent. Coal prices fell sharply this year, causing financial problems. Vulcan International plans to cut 105 jobs at its Moatize mine, which employs over 3,300 people. Other mining companies also laid off hundreds of workers across the country.
A labor ministry official called these job losses unprecedented in recent times. The Indian businessman Naveen Jindal runs Vulcan, which bought the mine from Brazil's Vale for $270 million three years ago. Coal makes up Mozambique's largest export, with sales worth $2 billion last year. The price for coal shipped through South Africa decreased by about 17 percent since January.
A labor ministry official called these job losses unprecedented in recent times. The Indian businessman Naveen Jindal runs Vulcan, which bought the mine from Brazil's Vale for $270 million three years ago. Coal makes up Mozambique's largest export, with sales worth $2 billion last year. The price for coal shipped through South Africa decreased by about 17 percent since January.
