PanAust cuts 182 jobs as copper price falls hit

Company News

PanAust Limited (ASX:PNA) has revealed a round of job cuts as the price of copper sinks to five-year lows. 
 
The miner plans to slash its workforce by almost 5 per cent through 182 job cuts across the business. 
 
PanAust expects the changes to results in an annual operating cost reduction of about $US15.5 million. 
 
The company also anticipates more jobs will go this year from natural attrition and as a number of employment contracts expire.  
 
Managing Director Dr Fred Hess says the company’s priorities this year are to optimise efficiency at existing operations and advance the Frieda River project toward a development decision. 
 
PanAust reported a net profit of $34.35 million in the first half of the 2014 calendar year.