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Layoffs / The Incredible Shrinking Mining Sector

Who will be left to mine the world’s metals and minerals? As prices for gold, silver, copper, uranium, and iron ore continue to fall, miners are increasingly turning to layoffs to help meet the need to contain costs.

Barrick Gold (NYSE: ABX  ) just announced it will lay off 30% of its corporate staff in Toronto, or about 100 people, in addition to the 55 miners it recently said it would let go in Utah and Nevada, the 22 at its Kanowna mine in central Western Australia, and the 35 people employed at its Greenfields exploration office that it’s abandoning.

Barrick isn’t alone in needing to gain control over costs through workforce reductions. Newmont Mining (NYSE: NEM  ) announced recently that it will eliminate a third of the positions in Colorado, and Australia’s Newcrest Mining is closing its Brisbane office in a bid to reduce by 20% its overall spending costs following 150 layoffs that included its Melbourne offices earlier this year.

Cliffs Natural Resources (NYSE: CLF  ) will also initiate a new round of summer layoffs affecting 350 workers at its iron ore operations, uranium miner Uranium One is letting go of 26 workers, and while Vedanta Resources had planned to layoff more than 2,000 miners at its Zambian Konkola copper mines, it thought better of it after the government threatened to seize its operations.

Chosen excerpts by Job Market Monitor

Capture d’écran 2013-06-26 à 13.51.31

via The Incredible Shrinking Mining Sector.

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  1. Pingback: Glencore-Xstrata / 450 jobs cut | Job Market Monitor - June 28, 2013

  2. Pingback: Australia / WesTrac cuts 350 jobs | Job Market Monitor - June 28, 2013

  3. Pingback: Australia / About 7000 mining jobs gone | Job Market Monitor - June 29, 2013

  4. Pingback: South Africa’s Sibanye / To cut another 2 000 jobs | Job Market Monitor - August 15, 2013

  5. Pingback: Rio Tinto in Mongolia / 2000 jobs lost | Job Market Monitor - August 16, 2013

  6. Pingback: Anglo Platinum / Job-reduction target cut by 31% – Mining | Moneyweb | Job Market Monitor - August 18, 2013

  7. Pingback: South Africa / Mines cut 23 000 jobs in 12 months | Job Market Monitor - September 18, 2013

  8. Pingback: Amplats / To cut 1,400 jobs | Job Market Monitor - February 3, 2014

  9. Pingback: Coal Miner in US / Jobs are vanishing | Job Market Monitor - February 14, 2014

  10. Pingback: Ghana / 600 jobs cut at Newmont Mines | Job Market Monitor - February 25, 2014

  11. Pingback: Teck to cut 600 jobs as profit drops, defers Quintette coal mine restart – The Globe and Mail | Job Market Monitor - April 22, 2014

  12. Pingback: BHP and Rio Tinto in Australian – Further job cuts to come | Job Market Monitor - May 27, 2014

  13. Pingback: BHP Billiton – The worlds largest miner cuts 500 jobs, and more to come | Job Market Monitor - June 25, 2014

  14. Pingback: Mining in Australia – Unemployment double national rate | Job Market Monitor - September 10, 2014

  15. Pingback: Mining – Anglo American to cut about 60,000 jobs by 2017 | Job Market Monitor - December 10, 2014

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