This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Kennecott Announces Layoffs After Landslide

By PAUL FOY

SALT LAKE CITY (AP) â¿¿ A Utah mining company announced Thursday it plans to lay off some of its 2,100 workers because of a landslide that filled the bottom of a copper mining pit in the mountains west of Salt Lake City with millions of tons of rock and dirt.

Kennecott Utah Copper Corp. said the number of layoffs remains undetermined but they would take place during May, possibly followed by other cost reductions "in the coming months." Kennecott has halved its production goal for 2013 at Bingham Canyon mine.

"It is always difficult when jobs are lost because of the direct impact it has on individuals and families," Kennecott said in a statement late Thursday. "Our workforce is an important consideration in every decision that we make."

The United Steelworkers will open talks with company officials Friday on ways to minimize layoffs, said Wayne Holland, a union representative for more than 400 drivers, rock drillers and machinists, and others at a smelter and refinery. Holland said he will push for the company offer early retirement incentives for workers in their 50s and older.

"There isn't a scenario" for Kennecott to recover quickly from the slide, Holland said, yet "I can't imagine" the company would walk away from the disaster for good.

"This is still one of the most lucrative copper properties in the world," said Holland, who noted it also yields some gold, silver and other precious metals "as a nice bonus" and has generated as much as $1 billion in revenue a year.

Kennecott asked workers to take vacation or unpaid leave after the April 10 landslide. Many declined because of the fear of being furloughed indefinitely, Brandon Dew, business agent for Operating Engineers Local 3, said last week. The union represents about 200 shovel operators and bulldozer drivers at the mine.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,160.23 +28.26 0.16%
S&P 500 2,000.37 +1.39 0.07%
NASDAQ 4,556.3910 +3.6320 0.08%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs