Traders are flocking to BHP’s BHP Billiton as the world’s biggest miner cuts jobs.
BHP will lay off more than 5,000 people at its global operations in the United States, Europe and Asia.
Shares of the world ‘s biggest mining company plunged as the U.S. and Europe markets slumped.
The U.K.’s FTSE 100 index has lost 0.4 percent since Friday.
“The U, Europe, Asia and Australia are in the worst shape,” said Nick Cramer, founder of Cramer Capital Markets in London.
Carmichael said BHP will cut 1,500 jobs across the U, U.A.E. and Asia this year, while it will reduce 4,000 jobs in the U and U.W. markets.
It will also cut 1.5 million jobs in China, the company said in a statement on Wednesday.
The BHP announcement comes on the heels of BHP closing more than 20 mines in China and shutting down another one.BHP, which was founded in 1902, is one of the top 10 mining companies in the world.
Its global operations include the world largest gold and copper reserves.
Its profits grew from $4.7 billion in 2016 to $9.6 billion last year.
U.S.-based miner Freeport-McMoRan is also cutting 2,000 to 3,000 workers, but has yet to announce the number of layoffs.