Base Metals

Reuters reported that BHP Billiton (ASX:BHP,NYSE:BHP,LSE:BLT) announced that it will cut 380 jobs at its Olympic Dam copper-uranium mine in Australia due to global market conditions and the desire to ensure the operation remains sustainable.

Reuters reported that BHP Billiton (ASX:BHP,NYSE:BHP,LSE:BLT) announced that it will cut 380 jobs at its Olympic Dam copper-uranium mine in Australia due to global market conditions and the desire to ensure the operation remains sustainable.
As quoted in the market news:

The decision was “driven by the global challenges in the resources sector, and the need to transform Olympic Dam into a sustainable operation,” Jacqui McGill, president of the miner’s Olympic Dam Asset operation, said in a statement
Located in South Australia, Olympic Dam produces copper, uranium and smaller amounts of silver and gold.
A company spokeswoman said the decision followed a review of operations which has just been completed. The 380 job losses follow earlier announced cuts of around 140 mainly administrative positions and will eventually bring the operation’s staff to around 3,500, down from an earlier figure of around 4,000.

Click here to read the full Reuters report.

MARKETS

Markets
TSX19545.94+40.61
TSXV655.20+0.44
DOW32812.50+416.33
S&P 5004155.17+63.98
NASD12668.16+319.40
ASX6998.10+5.10

COMMODITIES

Commodities
Gold1763.64+7.30
Silver20.00+0.14
Copper3.470.00
Palladium2010.02-43.98
Platinum901.04+9.04
Oil91.09+0.43
Heating Oil3.43+0.02
Natural Gas8.24-0.03

DOWNLOAD FREE REPORTS

×