Ivanhoe Australia cuts 50 jobs

Copper and gold focused Ivanhoe Australia has announced plans to cut 50 jobs to save around $10 million.

In a statement today Ivanhoe Australia managing director Inés Scotland said the changes were necessary for the company to grow.

"These are difficult, but necessary first steps to improve the performance of the company and begin to create a sustainable platform for future growth," he said.

The job cuts are the first phase of a two point plan to help the company reduce costs.

Ivanhoe said while it had not yet identified all the positions that would be affected it was looking to finalise the shakeup over the next two weeks.

The company said it expected to incur a one-off cost of $2 million for changes to its business, and with other modifications it expected total savings of around $20 million.

Earlier this month Ivanhoe Australia announced its first shipment of copper gold concentrate from the Osborne mine in Queensland's Cloncurry region.

The company also has plans for a high-grade rare earths project near the Osborne operation.

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