AngloGold Ashanti to cut another 2 000 jobs - unions | Fin24
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AngloGold Ashanti to cut another 2 000 jobs - unions

May 23 2018 14:03
Tehillah Niselow


Company Data


Last traded 137
Change -1
% Change -1
Cumulative volume 1025606
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 24
Change 0
% Change 0
Cumulative volume 3366531
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Mining unions have received notices from AngloGold Ashanti [JSE:ANG] for the retrenchment of 2 000 workers in all job categories and levels.

This follows the announcement in 2017 of over 9 000 job cuts, some of which were averted through the sale of the some of its operations to Harmony Gold [JSE:HAR] and Heaven Sent SA Sunshine Investment Company, transfers and voluntary severance packages. 

“The reasons for the envisaged job cuts include decreases in the gold price since 2016, 'uncontrollable factors' such as ore body depletion, increasing depths to mine, as well as lower-grade gold ore, increased electricity and labour costs, declining production, and increased cost of borrowing capita,” the Association of Mineworkers and Construction Union (AMCU) said in a statement on Wednesday.

The National Union of Mineworkers (NUM) confirmed to Fin24 they’d also received a Section 189 notice of 2 000 job losses, with a 60-day consultation period.

NUM spokesperson Livhuwani Mammburu, said they would engage AngloGold Ashanti to try prevent the retrenchments.

AMCU promised to try and fight the job cuts by working together with its rivals in the mining sector.

“We call on all trade unions to form a united front to save jobs in the mining sector. We have heard promises of a so-called 'New Dawn', but we have yet to see how this will make a difference in the lives of workers.”

In March, AMCU protested at the Union Buildings in Pretoria, over job losses in the mining sector and handed over a memorandum of demands to Minister of Mineral Resources Gwede Mantashe.

AngloGold Ashanti operates in South Africa and internationally in Guinea, Tanzania, Brazil, Argentina and Australia. In recent years, its overseas mines have become more profitable as rising costs and declining ore reserves hamper profits locally.

A spokesperson for the mining company said they would comment later on Wednesday.

AngloGold Ashanti's shares were changing hands0.3% weaker at R101.94 by 13:50 on the JSE.

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amcu  |  num  |  anglogold ashanti  |  mining  |  job losses


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