Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Teck plans to reduce the workforce at Highland Valley Copper by six per cent.
United Steelworkers local 7619 says it was informed of the cuts by Teck on Thursday. Cuts will take place next year.
Highland Valley Copper employs approximately 900 people, nearly half of them living in Kamloops.
Non-union contractors will feel the brunt of the labour reductions.
In its recent quarter Teck Resources (NYSE: TCK) announced a $1.7 billion (Cdn$2.2 billion) asset impairment charge.
Highland Valley Copper is an open pit copper mine operating in southern British Columbia. It produces copper and molybdenum concentrates. Highland Valley Copper has a mine life to 2027.
