SANTIAGO, Nov 12 (Reuters) - Chile’s Sierra Gorda mine, which is jointly owned by Poland’s KGHM Polska Miedz and Japan’s Sumitomo Metal Mining, said on Thursday it was laying off over 100 employees to cut costs amid a steep slide in copper prices.
“Under the current market conditions we are forced to take these and other actions to be very responsible in relation to our future growth,” said Sierra Gorda’s general manager Maciej Sciazko.
The company said the layoffs, equivalent to 8 percent of its headcount in Chile, will take place in Santiago, Antofagasta and at the mine.
Sierra Gorda, which is 55 percent owned by KGHM, is seen producing 100,000 tonnes of copper this year. (Reporting by Anthony Esposito; Editing by Alan Crosby)