ENRC to cut up to 1,300 jobs in Congo on plunging copper prices
EURASIAN National Resources Corp (ENRC) says it will cut at least 1,300 jobs in the Democratic Republic of Congo as part of a cost-reduction strategy, after copper prices have plunged.Most of the positions will be eliminated at Boss Mining and subcontracting firm Congo Cobalt, starting with giving workers the option to leave voluntarily, spokesman Patrick Mulumba said on Wednesday. The job reductions may increase to 1,800 if copper prices do not recover, he said. ENRC, owned by Luxembourg-registered Eurasian Resources Group, has five mining companies in Congo."We are hoping between 1,300 and 1,500 workers will accept" a voluntary arrangement, Mr Mulumba said. In addition, the company’s Comide copper and cobalt project will be placed on care and maintenance, he said in an earlier e-mailed response to questions.Congo is the world’s largest source of cobalt, used to make rechargeable batteries, and Africa’s biggest copper producer. Copper prices have rebounded since declining to a six-...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.