SANTIAGO, Sept 29 (Reuters) - Chile’s second-biggest copper mine Collahuasi, owned by Anglo American and Glencore , said on Tuesday it will cut output by 30,000 tonnes, becoming the latest major producer to take action to protect against sinking prices in the biggest rout in years.
“In line with the stabilization of its operations that has been implemented in recent years, and considering the complex market scenario for commodities worldwide, (the mine) is restructuring its operations,” said Collahuasi in a statement.
The cut represents 7 percent of the mine’s output last year of 470,000 tonnes.
Still, the measures by a significant player in the world’s top producing nation reflects deepening pain as copper’s year-long rout hurts producers’ margins and the industry faces its biggest test since the 2008 financial crisis.
Reductions would affect the leaching plant and associated activities and take some 30,000 tonnes of refined copper annually out of the market, the company said, adding that there would also be an unspecified number of job cuts. (Reporting by Fabian Cambero; Writing by Rosalba O‘Brien; Editing by Marguerita Choy)