RIO TINTO TO LAY OFF 120 STAFF AT KENNECOTT UTAH COPPER ARM.

AsiaPulse News, June, 2003

BRISBANE, June 27 Asia Pulse - Rio Tinto Ltd's (ASX:RIO) Kennecott Utah Copper (KUC) in the United States plans to lay off approximately 120 employees today, as the outlook for the copper industry remains bleak.

Utah Copper's workforce has now been reduced to about 1,425 employees because of continuing low copper prices, which are compounded by current low levels of gold and molybdenum production, and the cost pressures associated with an aging mine.

Rio Tinto said more than 50 per cent of America's copper mining operations were shut down and many of the nation's mines remain closed or operate at reduced levels.

KUC president and chief executive officer Bill Champion said that with continuing low prices, the market for copper remained depressed and...