HudBay - Watch Don't BuyBase Metal Producers Cut Back - Watch Don't Buy
HudBay
HBM $ 4.81 down .15 ( 3%)
Teck Cominco
TCK.B $ 5.23 down .72 ( 12%)
Freeport McMoRan
FCX $ 26.68 down $1.39 (5%)
All over North and South America, miners are losing their jobs as the recession hits demand for metals that enjoyed a boom in recent years.
In Chile, where copper mining is a major contributor to the economy, unions estimated 14,000 jobs have been lost. Peru reported more than 5,000 layoffs and Mexico put the number of out-of-work mine workers at 2,000.
In the United States, Freeport McMoRan Copper & Gold Inc , said it is laying-off 3,000 workers, many of them at its Morenci mine in Arizona, where it is reducing operations to cut costs as copper prices have plummeted.
source www.amprogram.com