Oz Minerals flags job cuts

Prominent Hill mine owner OZ Minerals will lay off employees from its South Australian operations in a bid to cut discretionary spending.

The copper-gold miner is undergoing a review of operating costs and will be looking at all supply and service contracts throughout the process, Adelaide Now reports.

An Oz Minerals spokesperson said the company is currently in discussion with employees about job cuts and redeployment opportunities.

But the total job cut number is yet to be finalised.

Redeployment opportunities will include moving some workers to the company’s Adelaide office, an option which will see the same roles performed at a lower cost.

Earlier this year Australian Mining reported Oz Minerals net profit was down nearly 44 per cent from $274.5 million in 2011 to $152 million in 2012.

At the time company managing director Terry Burgess said the downgrade was due to higher exploration, lower commodity prices, and higher production costs.

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