This is where I was getting confused (should have rechecked...

This is where I was getting confused (should have rechecked before I put the fingers into gear):-

Mr Kipp said the company had initiated a series of cost restructuring initiatives during the fourth quarter of 2008 in anticipation of a challenging market in 2009.

"To date, these actions have resulted in the elimination of over 2,000 positions, representing over 20 per cent of our global workforce," Mr Kipp said.

Boart said the job cuts would realise annual savings of about $US80 million ($A123.17 million) with further job losses in the global workforce expected in the first half of 2009.

http://news.smh.com.au/breaking-news-business/boart-scraps-dividend-cuts-2000-jobs-20090226-8iex.html

So, the savings (not the costs) are $80m.