Today’s news comes out of Australia.
One of the mining giants, Glencore, announced today that it is cutting 80% of the employees at the Collinsville mine in Queensland. Nearly 180 of the 230 people employed by the mine will be layed off next year. So many employee jobs will be cut because of the ordered cuts in mine production.The mine will be closed for three weeks during the holidays to help reduce Collinsville mine production.
Back in May, Glencore tried to limit production by cutting 80 jobs. They have also attempted to cut their $30 billion debt down by a third by stopping their copper mines in the Democratic Republic of Congo and Zambia. This halt will take 400,000 tonnes out of the market and hopefully provide a boost to metals prices.
Glencore will review all plans for the Collinsville mine in 2016 and will keep a watchful eye on all their mines in the coming years.
We know everyone is ready for the market turnaround; these low prices aren’t easy on anyone. We are still buying machines from all around the world and whenever the market finally turns, we will have the best earthmoving equipment money can buy!
*All information for this story was taken from mining.com.