{"id":20278,"date":"2014-05-23T19:10:37","date_gmt":"2014-05-23T19:10:37","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=20278"},"modified":"2014-05-24T12:58:29","modified_gmt":"2014-05-24T12:58:29","slug":"anglogold-obuasi-retrenchment-the-facts-and-figures","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/05\/anglogold-obuasi-retrenchment-the-facts-and-figures\/","title":{"rendered":"Anglogold Obuasi retrenchment: Facts and figures"},"content":{"rendered":"
On Monday May 19, AngloGold Ashanti released a statement about the company’s performance. The release which revealed a general positive financial performance for the mining giant also highlighted the problems at the Obuasi Mine, which has resulted in the planned retrenchment of over 5,000 employees, including contractors.<\/p>\n
AngloGold Ashanti has progressed a range of interventions to address the historic under-performance and the high cost structure at Obuasi, but substantial further work is required to establish a sustainable future for the mine.<\/p>\n
Srinivasan Venkatakrishnan, Chief Executive Officer of AngloGold Ashanti commenting on initiatives said \u201cwe have now developed a good working partnership with the Government of Ghana, the Ghana Mineworkers Union and other key stakeholders to address the challenges facing Obuasi. We must do all we can to stop the current cash outflows at Obuasi and define a sustainable future \u2013 and we appreciate the support of our partners in taking the decisive action necessary to achieve this.\u201d<\/i><\/p>\n
AngloGold Ashanti on Thursday, May 22, announced plans to spend\u00a0$220 million in a major retrenchment exercise. This exercise, according to management, is part of a series of steps being taken to make the Obuasi Mine a profitable venture.<\/p>\n