Jobs to go as Phelps Dodge tightens belt

PHELPS Dodge, the biggest US-based copper producer, said it had started a restructuring plan aimed to save US$150 million a year by 2003.

Major changes will be made to corporate administration with 500 jobs lost. The company said this would save US$30 million this year, US$100 million in 2002 and US$150 million in 2003 and future years.

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