Mining – Layoffs Looming

Twenty per cent of mining companies in Canada have already begun laying off employees this summer in a sector that has taken a recent beating in the markets.

The good news for existing workers is that employment appears to be getting more stable, with 76 per cent of the 140 mining executives surveyed not considering any further layoffs in 2012, according to a new report.

“What you’re seeing now in the market is [mining] companies are taking a wait-and-see approach,” said Andrew Pollard, president and chief executive of the Mining Recruitment Group in Vancouver.

Firms in the mining sector have been scaling back on their exploration and development plans (80 per cent) and reducing overhead costs (71 per cent), according to the survey by Pollard’s company…

via Layoffs looming in struggling mining sector.