This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

Kennecott said it couldn't offer any details beyond Thursday's statement.

"While still in the early stages of recovering from the impacts of the slide, Kennecott is looking ahead at plans for how to adapt to a 50 percent decrease in production this year," the company said.

"While we still don't have all of the answers, we have reached a point where additional measures are necessary to reduce operating costs. Additional changes to reduce our operating costs may be required as operating plans are finalized in the coming months," it said.

A week ago, Kennecott opened the mining pit to view for the first time since the landslide, which geologists say moved enough material to nearly fill up the Panama Canal.

Rock and dirt without ore value washed over the terraced steps of the mining pit that's nearly a mile deep. The slide left the tip of one giant electric-powered shovel poking out of the dirt and a collection of mangled haul trucks. Kennecott has said the slide buried three shovels and 14 trucks, many out of view.

It will take months for the major U.S. copper mine to recover, even though Kennecott has said it anticipated the landslide. It ran farther than expected, unleashing what the U.S. Geological Survey has calculated as 128 million cubic yards of rock and dirt. That's two-thirds of the material removed for the Panama Canal.

Market analysts said the worst-case scenario has Kennecott losing sales of up to 165 million tons of refined copper in 2013.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

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