Loading ...World number three gold miner AngloGold Ashanti (NYSE:AU) (JSE:ANG) may cut about 8,500 jobs, or 30% of its workforce, at its South African operations, adding it also plans to halt some unprofitable mines.
Talks with unions over the looming restructuring aimed at “protecting the viability” of the company’s South African business over the long-term have already begun, AngloGold said in a statement.
As part of the upcoming changes, the gold producer intends to place its Kopanang mine and the Savuka section of the TauTona mine on care-and-maintenance, both a clear example of the challenges AngloGold is facing in its home country —rising costs and depleted ore reserves.
cont. http://www.mining.com/anglogold-ashanti-may-axe-8500-jobs-south-african-mines/