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.