Australia’s mining sector is facing more job losses and a halt on investment after Newcrest Mining flagged cuts to its workforce.
After last week’s dramas when the gold price plummeted at record rates to two-year lows, Newcrest revealed a sharp nearly one-third jump in its costs from a year ago.
The company, Australia’s largest goldminer and among the 20 biggest on the share market, would be stingy from now on, chief executive Greg Robinson told analysts.
It cut 150 jobs in March, mostly from its Brisbane and Melbourne offices as it halted exploration, scoping studies and growth.
“We will be looking carefully at head counts,” he said, flagging more cuts.
“We will be doing everything we can around contracts with our major suppliers … re-negotiating them on an annual basis.”
Chosen excerpts by Job Market Monitor