Asarco to layoff 160 in Arizona due to copper price plunge

Asarco is laying off 160 workers, with 130 at the Hayden and Ray operations and 30 at the Mission mine [right, credit, Asarco], due to the drop in copper prices.   Asarco's announcement stated:

Last week Asarco gave notice to union representatives in advance of potential reduction in workforce at the Ray Mine, Hayden Mill, Mission Mine and consideration for shutting down the Moly Plant. Final numbers have not yet been determined.

Asarco anticipates that it will continue to mill at full capacity in Mission while reducing operations at the Ray Mine and Hayden Mill. The Hayden Smelter and Amarillo Refinery will continue to process concentrates and supply rod and cathode to our customers.

The action was in response to falling copper prices which have decreased by approximately 80 cents per pound over the last year with the price now at $2.59.

Market conditions will continue to be closely monitored.

Pima County, Gila County and Pinal County officials have been made aware of the situation as well as other elected and government officials to keep them fully informed.”