Anglo Gold Ashanti to shed over 8 000 jobs

Miners work deep underground at Anglogold Ashanti's Mponeng mine in this undated handout photo. South Africa's mines are among the most dangerous in the world not least because of the astonishing depths that miners reach to extract gold from the vast reef that has supplied much of the world's bullion. But at Mponeng, safety has been improving even as AngloGold has blasted ever deeper. In 2001 seven miners were killed there but the numbers have been falling. Last year two lost their lives and none had this year before last week.      To match feature SAFRICA-MINE/DEEP       REUTERS/Anglogold Ashanti/Handout (SOUTH AFRICA - Tags: EMPLOYMENT BUSINESS) NO SALES. NO ARCHIVES. FOR EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNS. THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. IT IS DISTRIBUTED, EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS

image – SAFRICA-MINE/DEEP REUTERS/Anglogold Ashanti/Handout (SOUTH AFRICA 

JOHANNESBURG, (CAJ News) – ANGLOGOLD Ashanti is set to retrench some 8 500 employees in South Africa in light of heavy losses incurred recently.
The company has begun a consultation process with employees in terms of section 189 and 189A of the Labour Relations Act.
It said some of our older mines had reached the end of their economic lives several decades after they started production.
Officials said these mines faced systemic challenges, including near-depletion of ore reserves, increasing depth and distance from central infrastructure, declining production profiles, and cost escalations that have continued to outpace both inflation and a subdued gold price.
“This is a difficult decision which follows a period of significant and – ultimately – unsustainable losses, and also the evaluation of the options available to return our South African business to profitability,” AngloGold Ashanti Chief Executive Officer Srinivasan Venkatakrishnan, said.
“It is critical that we act to protect the long-term sustainability of this business and the majority of our workforce. We are mindful of the sensitivity that this situation demands, and are committed to supporting all our employees throughout this process.”
AngloGold Ashanti’s South African business, currently employs about 28 000 people, including contractors.
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Posted by on Jun 28 2017. Filed under Africa & World, Featured, Finance, Mining, Mining & Engineering, National, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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