Anglo American has laid off 220 workers at its Rio-Minas iron ore project this week, according to several media reports.
The company attributed the dismissals to the challenging scenario for the iron ore market currently experiences, as prices for the commodity remain low and instability affects the global markets.
Anglo said it’s performing an extensive restructuring of its operations, so it can cut operation costs. A local union said the dismissals could reach up to 400 people.
A media earlier this month said Anglo could sell the assets it has in Brazil. So far, Anglo hasn’t confirmed nor denied the information.