Westmin Resources plans to shut down its Gibraltar copper mine in central British Columbia at the end of the year, putting 278 people out of work.

The Vancouver company, and its new owner, Boliden Ltd. of Toronto, said Thursday that Gibraltar will be closed because the low-grade mine is losing money.

World copper prices have dropped nearly a third since last summer because of reduced global demand.

Gibraltar, an open pit mine, opened in 1972 but has been hampered by poor copper grades.