BHP Billiton has announced plans to cut 380 jobs its Olympic Dam mine in South Australia, in an effort to simplify the business.

Prior to making this decision, the company said it reviewed its South Australian operations and intends to finalise the downsize by mid-September.

Affected workers will be provided with redundancy packages or given new positions. The company stated that the decision is not related to state government policy settings.

Olympic Dam asset president Jacqui McGill said in a statement: "Instead it is driven by the global challenges in the resources sector and the need to transform Olympic Dam into a sustainable operation that can contribute to the South Australian economy for many years to come."

"It is driven by the global challenges in the resources sector and the need to transform Olympic Dam into a sustainable operation."

Redundancies will reduce the mine’s workforce from 4,000 workers to around 3,500.

The poly-metallic underground mine Olympic Dam was opened in 1988, producing copper, uranium and smaller amounts of silver and gold. An underground mine, an integrated metallurgical processing plant and expansive open-air tailings storage facilities have also been constructed at the mine site.

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About 70% of the mine’s revenue comes from copper, 25% from uranium, and the remainder from silver and gold.

Image: Main shafts of Olympic Dam mine in South Australia. Photo: courtesy of Geomartin.