Hundreds of mining employees lost their jobs this week when Pheonix, Arizona-based Freeport-McMoRan Copper and Gold announced the company was cutting back on operations.

The world's largest publicly traded copper company said the layoffs were in response to current economic conditions.

Jobs were lost in four Arizona towns; 402 in Morenci, 70 in Green Valley, 59 in Safford, and 66 in Bagdad. Thirty-six were let go in Tyrone, New Mexico.

Spokesperson Richard Peterson said most of the employees had been recently hired in anticipation of a planned company expansion.

The company was founded as the Freeport Sulphur Company in 1912.

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