VANCOUVER — Weak commodity prices have forced Teck Cominco to eliminate 1,400 jobs or 13% of its global workforce. The company is reducing staff and contractor positions associated with exploration activities and research and development. Redundancies created at the corporate level by the recent acquisition of Fording Canadian Coal Trust‘s assets will also be eliminated.
In total, about 1,000 employee and 400 contractor positions will be eliminated by the end of 2009, with the majority of the reductions to be completed in the first quarter. Teck expects to take a charge of approximately $35 million in the first quarter for severance and other related costs associated with this reduction.
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