Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

AngloGold sacks 430 Ghanaian workers

  • SOURCE: | Editor
  • anglo goldAngloGold Ashanti has disclosed that it will cut 430 jobs at its struggling Obuasi Mines.

    Chief Executive Officer (CEO) of AngloGold Ashanti, Srinivasan Venkatakrishnan, who disclosed this to journalists during a telephone conference call, said the move will help the company to cut costs.

    He said the company has consulted organised labour over the job-cuts, adding that the firm hopes to achieve at least US$500million in savings by end of the year.

    Meanwhile, the company said it had edged back into profit in the third quarter, attributing it to ramped-up output and lower production costs.

    In the previous quarter, the firm reported losses of nearly US $2.2billion on massive write-downs linked to the slumping gold price.

    The profit was achieved by a mixture of higher production, cost-cutting and a weaker South African rand.

    In the last quarter, production increased by 12 percent to top one million ounces, with major increases seen in Namibian and Ghanaian operations, which helped AngloGold cut the cost of production from US$898 per ounce in the second quarter to US$809 per ounce in the third quarter.

    Despite recording high wage bills in strike-hit South Africa, AngloGold followed other producers in accepting an average wage increase of around eight percent.

    “Operational performance for the third quarter was strong, with both production and costs coming in better than the previous quarter and market guidance,” the firm stated.

    Source: Ekow Essabra-Mensah

    Get the latest news and updates on Ghana’s oil and gas value chain by following us Reporting Oil and Gas on twitter @oilgasghana and like our facebook page and get at us on Google+. Subscribe to our group to get updates

     

    Share this article

    Leave a reply

    Personality of the Month
    Poll

    Do you think the President should fund the free SHS with oil revenue?

    Follow Us Online
    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Events Calendar
    << Jul 2018 >>
    MTWTFSS
    25 26 27 28 29 30 1
    2 3 4 5 6 7 8
    9 10 11 12 13 14 15
    16 17 18 19 20 21 22
    23 24 25 26 27 28 29
    30 31 1 2 3 4 5
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar