Price slump prompts layoffs at Iron Ore Canada

Mining.com reported that the drastic decline in the price of iron ore has forced the Iron Ore Company of Canada, majority owned by Rio Tinto, to send out 150 layoff notices.

As quoted in the market news,

After a bounce earlier this week benchmark iron ore price declined again on Thursday to trade $47.80 a tonne, levels last seen almost a decade ago. After losing 47% of its value last year, the steelmaking ingredient is down nearly 30% this year.

IOC employs roughly 2,500 people in the Canadian province of Labrador and in Quebec and produced 15 million tonnes in 2013.

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