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.
Chile state miner Codelco said in a statement on Monday it would make further cuts to its workforce, reducing its head office staff by 10%, or 40 jobs, as it looks to reduce costs amid dwindling copper output.
This follows another job cut announcement 10 days earlier, when Codelco said it would trim 10% of staff, or 80 jobs, at its Projects arm.
(By Fabian Cambrero and Sarah Morland; Editing by Chris Reese)
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