BHP Billiton has announced that it plans to cut some 6000 jobs worldwide to cope with falling demand for its products. The lay-offs amount to some 6% of its 101,000-strong workforce and follow similar cuts by chief rival Rio Tinto. The company also said it will close its Ravensthorpe nickel mine in Australia due to poor profitability prospects. The announcement underscores a dramatic turnaround in the fortunes of mining companies as the downturn bites. The price of nickel, used mainly in the production of stainless steel, has dropped as the once-insatiable demand for raw materials, particularly from China, has weakened. In Australia, 3400 jobs will be lost, another 2000 in Chile and 550 at the Pinto Valley copper mine in the USA. In a statement, it also said it would cut production at its Mount Keith nickel mine, also in Australia.
