South Africa’s AngloGold Ashanti (JSE:ANG) (NYSE:AU), the world’s third-biggest producer of the precious metal, is cutting as many as 2,000 jobs at its domestic operations as part a restructuring aimed at reducing losses.
The company, which is down to the Mponeng underground gold mine and a tailings treatment operation in its home country, said the measure would affect employees across the different categories and levels, including the region’s executive committee and senior management.
After suffering heavy losses in South Africa, the Johannesburg-based miner said last year it would restructure its South African mines, which could lead to 8,500 workers, or around 30% of its workforce, being laid off.
Some of those job cuts were averted through the sale of its Moab Khotsong mine, as well as the Kopanang Mine and the West Gold Plant, both of which were bought for fellow miner Harmony Gold.
The Association of Mineworkers and Construction Union (AMCU) said in the notice given by AngloGold, the miner cited “uncontrollable factors” such as ore body depletion, increasing depths to mine, lower- grades, declining production, mounting electricity and labour costs and increased cost of borrowing capital as the reasons for the retrenchments.
More to come…
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From:: Mining.com