Mining engineering firm Ausenco has decided to give 500 workers the sack after the company's shares plunged on a dismal profit downgrade.

The job cuts will primarily affect the Brisbane-based company’s Australian workforce, as it endeavors to shift operations abroad in a bid to reduce costs. As a result of the retrenchments Ausenco’s total employee numbers will fall to around 2800. Ausenco says the job cuts have cost the company $5 million,…