SANTIAGO – Global miner Anglo American said Thursday that it would make a fresh round of 140 job cuts in its Chilean copper operations, as a weak copper price continues to drag on the industry.
London-listed Anglo is in the midst of a cost-cutting overhaul, selling assets and reducing its workforce, as it seeks to confront the global commodities slump.
The fall in the price of copper has stabilised this year, but investment remains muted after a sharp decline in the prior three years.
In a letter sent to workers, Anglo said it would make the staff cuts at its Anglo American Sur unit, which is comprised of the Los Bronces and El Soldado mines, plus the Chagres smelter. Anglo controls the business, with stakes also held by state-run Codelco and Japanese firms Mitsui & Co Ltd and Mitsubishi Corp.
“This measure is based on the need to continue responding to the challenging financial scenario that the company is facing and the permanent search for improvements in terms of productivity and efficiency,” said Anglo American in an email sent to Reuters.
Los Bronces workers went on a brief strike in September after failing to come to agreement with the company in wage talks.
In 2015, Anglo American Sur produced 437,800 tonnes of copper.