ID :
43796
Tue, 02/03/2009 - 10:49
Auther :
Shortlink :
https://oananews.org//node/43796
The shortlink copeid
Sepon cuts 67 jobs in the last three months
Sepon cuts 67 jobs in the last three months
(KPL) The biggest mining project Sepon Gold Copper Mine in Savannakhet province said it had cut 67 jobs due to the worst financial crisis since last October.
“Most job reductions have been for foreign workers by 41 or 20% of the total expatriate workforce. Within the Lao national workforce, 26 people have been made redundant (22 casual and 4 permanent),” said Richard Taylor, Manager Strategic Analysis, Lane Xang Minerals LTD.
He said that the company had been trying to avoid having to make Lao employees redundant. “We have been working to try to find alternate positions within the company for employees whose work has stopped. We have been successful in many cases but in some skill areas it has become apparent that work will not be available.”
Due to the Global Financial Crisis (GFC) and rapid drop in the price of copper and other commodities the company has had to change the way it was operating.
“The fall in prices meant that we had to stop building the US$200 million expansion of our copper plant. We had recruited people to both construct the expansion as well as to explore, mine and develop projects for a much larger scale of mine. We now find that we do not have work for all of our employees.” “We hope in the future to be able to complete the expansion and that we will again require the larger workforce,” he added.
In response to the current market conditions, OZ Minerals, which owns Lane Xang Minerals Limited, has instigated a number of initiatives designed to significantly reduce the company’s cost base. On 25 November 2008 OZ Minerals announced that it would defer reduce operating expenditure budgets in this year by approximately A$185 million.
(KPL) The biggest mining project Sepon Gold Copper Mine in Savannakhet province said it had cut 67 jobs due to the worst financial crisis since last October.
“Most job reductions have been for foreign workers by 41 or 20% of the total expatriate workforce. Within the Lao national workforce, 26 people have been made redundant (22 casual and 4 permanent),” said Richard Taylor, Manager Strategic Analysis, Lane Xang Minerals LTD.
He said that the company had been trying to avoid having to make Lao employees redundant. “We have been working to try to find alternate positions within the company for employees whose work has stopped. We have been successful in many cases but in some skill areas it has become apparent that work will not be available.”
Due to the Global Financial Crisis (GFC) and rapid drop in the price of copper and other commodities the company has had to change the way it was operating.
“The fall in prices meant that we had to stop building the US$200 million expansion of our copper plant. We had recruited people to both construct the expansion as well as to explore, mine and develop projects for a much larger scale of mine. We now find that we do not have work for all of our employees.” “We hope in the future to be able to complete the expansion and that we will again require the larger workforce,” he added.
In response to the current market conditions, OZ Minerals, which owns Lane Xang Minerals Limited, has instigated a number of initiatives designed to significantly reduce the company’s cost base. On 25 November 2008 OZ Minerals announced that it would defer reduce operating expenditure budgets in this year by approximately A$185 million.
