Argentinian iron ore producer MCC Minera Sierra Grande (MSG) is expected to lay off 250 workers at its mine in the province of Rio Negro, Argentine, due to the challenging scenario the global iron market currently faces.
The company, a subsidiary of state-run China Metallurgical Group (CMG), is expected to lay off about 250 of its 520 workers “in the short term”. A media report said the company expects “signs of cooperation” from the Argentinian government; otherwise, the layoffs will be “irreversible”. The workforce reduction will reportedly take place within the next 60 days.
The Argentine subsidiary of state-run China Metallurgical Group (CMG) operates an iron ore mine in Argentina's Rio Negro province. Sierra Grande's iron ore reserves are estimated at 250-300 million metric tons. CMG acquired the iron mine in 2006. The mine, which had been shuttered since 1991, made its first shipment of iron-ore concentrate to China in February 2011.