Not sure if IDL will lose out of this bt can't see it boding well...
BHP Billiton , has announced it will sack 3400 staff, joining a growing list of iconic Australian companies making deep cuts to their workforces.
The job losses come as the world's biggest mining group closes its Ravensthorpe nickel mine in Australia indefinitely due to poor prospects for profitability, finally bowing to the pinch of a global slowdown.
BHP also said in a statement today that it would reduce mining activity at its Mount Keith project in Australia but would maintain nickel concentrate output.
The 3400 job cuts will be made across the two sites and a further 1100 jobs will go at the company's Queensland coal operations and 200 jobs will be lost at the BHP's Olympic Dam mine project.
IDL Price at posting:
12.0¢ Sentiment: Hold Disclosure: Held
