The Largest Mineral Company Announced A Layoff Of One Thousand And Four Hundred Hundred People
As market demand for coal has dropped sharply and global primary commodity prices have fallen sharply, TEK, Canada's largest mineral company? Kang Mingke (Teck Cominco Ltd) announced that it will lay off 1400 people worldwide, that is, 13% of its employees.
The company said the attrition is part of a broader strategy to reduce spending and is expected to save the company $85 million. The company also plans to shrink its coal production plan to 20 million tons this year due to a reduction in global steel demand.
Teck is Canada's largest integrated mineral company integrating mining, mining processing and metallurgy. It is also the leader in global copper, coking coal and zinc production.
The company also produces gold, molybdenum and special purpose metals, as well as several oil sand development projects, and has 16 operational mines in Canada, the United States, Chile and Peru. Editor: vivi
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