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Business News of Thursday, 10 October 2013

Source: Citifmonline

450 AngloGold workers to be sacked

AngloGold Ashanti's, Obuasi mine has started processes to lay-off 430 workers of the company partly due to the falling prices of gold on the global commodity market and its broader revival strategy.

According to the company, the fall in gold prices this year has worsened the company’s financial burden adding that its unit in Ghana is relying on its parent company for funding.

The Chairman of the Mine Workers Union, Kwarko Mensah Gyakari in an interview with Citi News revealed that 430 workers to prevent over 1000 workers from being laid off.

“Management came out with a very huge number more than thousand but we were able to battle it out with them and at the end of the day, it came down to 430,” he said.

Mr. Gyakari also said management has began issuing letters to the workers adding that he is sure “it will take them [management] up to the end of the year for them to do away with those numbers that they have agreed on.”

He also added that whatever was agreed on as severance would be paid to them “as has been negotiated by the Ghana Mine Workers and management of AngloGold Ashanti.”

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