"A rollercoaster ride"
might be the only way to describe 2015 in the mining industry—minus the fun and thrill. Fueled by an economic slowdown in China and a collapse in commodity prices, mining companies globally have been feeling the pain and are turning to drastic measures as they try to cope.
In what reports say is China's largest layoff in recent history, the Heilongjiang Longmay Mining Holding Group Co. announced
in late September that it would lay off approximately 40% of its workforce, a staggering 100,000 workers, in order to "stop the bleeding." Anglo American announced
in early December it would release 85,000 workers over the next few years in a restructure that would shed 60% of assets.