Three of the big mining companies announced they had sacked more than 500 workers at Queensland mines this week.
Xstrata, OzMinerals and Macarthur Coal all blamed the global financial crisis for the cuts.
Mr Swan said the Government recognised that international factors had had a "dramatic'' impact on the sector but asked companies to exercise caution when making such decisions.
"I would urge all companies that are employers of labour to hang onto that labour as long as they possibly can in the face of these changes,'' Mr Swan told reporters in Brisbane.
"Because what we know, when it comes particularly to the mining cycle, is that demand will return one day and valuing your labour and valuing your workforce is one of the most important things that you can do.''
He said miners should keep in mind that Australia's resources sector was strong and sustainable.
"It will see changes in terms of demand internationally but we do have a critical mass here which is important to maintain for the future of the industry and also for when the world economy begins to recover,'' he said.
Unions have backed Mr Swan's calls.
The Construction Forestry Mining and Energy Union's (CFMEU) vice president of mining, Stuart Vaccaneo, said job losses could devastate local mining communities.
"We must weather the storm of the global financial crisis and companies need to plan for the future, rather than looking to short-term solutions like workforce reductions,'' Mr Vaccaneo said.
Australian Manufacturing Workers Union Queensland secretary Andrew Dettmer said companies should reduce workers' hours instead of laying off staff.
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