Mining companies in the country will begin a massive downsizing of their operations from next month as renewed pressure to cut down on cost heightens with falling gold prices. (Chosen excerpts by Job Market Monitor)
More than 3,500 permanent jobs will be lost in an industry that has enjoyed a decade long boom as falling gold prices and rising cost blight the industry.
A highly placed source at the Ghana Chamber of Mines warns of imminent job losses if gold remains at current price levels of less than a US$1,200 an ounce. Gold prices, which at the beginning of April, was hovering around US$1,600 an ounce has now crashed to low record price of below US$1,200.
“We are still compiling the figures as is being submitted to us by the mining companies and we can say that the numbers are close to 3,500 or little less,” the source said.
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via Job cuts: Mining companies to trim operations by 3,500 | Business News 2013-07-09.
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