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AngloGold sacks 430 Ghanaian workers

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

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