Teck Resources says it plans to cut 500 full-time equivalent jobs as it focuses on trimming $500 million from planned spending through to the end of 2020.

The Vancouver-based mining company says it wants to improve efficiency and productivity after its third-quarter results came in below expectations.

Teck says global economic uncertainties are having a “significant negative effect” on prices for its products, particularly steelmaking coal.

It says the job cuts will be made through attrition, the expiry of temporary contract positions and current job vacancies. It’s unclear though where those job cuts will happen.

Teck operates copper mines in Logan Lake as well as in Peru and in Chile. It also operates steelmaking coal mines, zinc mines and an oil sands mine between western Canada, the United States and South America.

It’s quarterly report says copper profits in the first nine months of this year was $487 million dollars. That’s down from $739 million dollars at this time last year.

NL News has reached out to Teck for more information.

– with files from The Canadian Press