Teck Resources Ltd closed sharply lower Friday, dropping $0.15 or 2.05% to $7.17. Over the last five days, shares have lost 6.40% and are down 54.85% for the last year to date. This security has underperformed the S&P TSX by 51.76% during the last year.
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By The Canadian Press
KAMLOOPS, B.C. – The union representing workers at the Highland Valley Copper mine in south-central British Columbia says low copper prices have led to layoffs.
Teck Resources Limited (TSX:TCK-A.TO – News) owns the open-pit mine near the community of Logan Lake.
Kyle Wolff of the United Steelworkers local 7619 says the company announced Thursday that it is looking to trim six per cent of its workforce at the mine by early 2016.
He says the it’s a tough market, copper prices are soft and the mine is looking at cutting production of the metal by 30 per cent next year as the company moves into a different phase of mining.
Wolff says language in the contract means non-union contractors will be targeted by layoffs before unionized staff.
Company president and CEO Don Lindsay said in an October news release that commodity prices were low, but the company had reduced costs and raised $1-billion in two transactions. (CFJC)
Source: Layoffs announced at B.C. open-pit copper mine: United Steelworkers – Yahoo Finance Canada
Andrew Phillip Chernoff 