Chile's Codelco laying off 350 supervisors amid copper price slump
SANTIAGO Oct 29 (Reuters) - Chile's state-owned copper miner Codelco said on Thursday that it was laying off 350 supervisors as it cuts costs amid an extended rout in world metals prices.
Codelco said it will save some $48 million annually with the 8 percent reduction in its supervisor payroll.
"These measures are painful to implement, but faced with the current copper price and considering the company's commitments, we have the obligation to implement all the necessary measures to guarantee Codelco's future," said the company in a statement.
A sharp drop in the price of copper, down over 20 percent in the past year, has prompted resource companies around the globe to suspend mines and cut staff.
Codelco has been re-examining its investment plans and has said it will delay some new projects and redesign others. But it has said it will not abandon the key projects it needs to keep production flowing. (Reporting by Anthony Esposito, editing by G Crosse)
© Thomson Reuters 2016 All rights reserved.