Market Report- BHP to slash jobs

The world's biggest miner, BHP Billiton, said Wednesday it would cut around 6,000 jobs because of the global economic downturn and weakening demand for its products. The cuts represent about 6 percent of BHP's global workforce of 41,000 employees and 60,000 contractors.

Shares of BHP Billiton dropped by mid day Wednesday.

BHP Billiton will also close its giant Ravensthorpe nickel mine in Australia, joining smaller rivals in downsizing to combat sinking prices of metals.

Until now BHP has set itself apart from other miners by maintaining production and just last month said sales volumes were holding up despite the global downturn.

Releasing its half-year production results, BHP said the global economic environment deteriorated sharply in the last quarter of the 2008 calendar year, and it expected the market to remain "weak and uncertain."

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