SANTIAGO - State-owned Corporacion del Cobre, or Codelco, the world's largest copper mining firm, said it was eliminating 350 class Rol A supervisors as part of a plan to adjust to falling copper prices and improve returns.
The job cuts, which will save the company $48 million annually, affect 8 percent of supervisors over all work sites, Codelco said in a statement.
Supervisors whose positions are eliminated will be able to apply for retirement benefits, if eligible, or receive severance pay, the mining company said.
"Codelco recognizes and appreciates the valuable contributions of those who until today worked for the company," Codelco vice president for human resources Daniel Sierra said in a statement released on Thursday.
The job cuts are part of a plan to boost competitiveness by meeting production goals and cutting costs, Codelco said.
The Chilean government said Wednesday it was injecting $600 million in capital into Codelco to allow the mining giant "to maintain a healthy financial position."
This is the first tranche of an up to $3 billion capital investment authorized by law, the Finance Ministry said.
Earlier this week, Codelco said it planned to cut investment by up to $4 billion.
Codelco's management said the investment cuts were a response to the drop in copper prices, which have fallen about 18 percent since January.
Codelco is the world's largest copper mining company, producing 1.84 million tons of fine copper, or 10 percent of total world output, in 2014
Revenues from copper sales are crucial for the economy of this South American country of 17.6 million people.