US miner and oil producer Freeport-McMoRan Inc said it would cut about a quarter of the workforce in its oil and gas business after failing to sell the unit.
The company, which announced last year that it would either spin off or sell the business, eliminated all management positions in the unit this month.
Freeport, which had a total of 34,500 employees as of Dec. 31, said it expected to record a charge of about $40 million in the second quarter related to job cuts and other restructuring costs.
The company said on Tuesday its first-quarter loss nearly doubled, hit by weak demand for commodities such as copper and oil.
The net loss attributable to common stockholders was $4.18 billion, or $3.35 per share, compared with a loss of $2.47 billion, or $2.38 per share, a year earlier.
Revenue fell 15.1 percent to $3.53 billion.
Freeport’s shares were up slightly in premarket trading, after closing at $11.35 on Monday.