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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

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    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

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    MTN to fight $773m tax bill from government

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    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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Goldfields to sack about 2,000 workers in Ghana

bycitibusinessnews
November 20, 2015
in Business, Mining, Top Stories
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Over two thousand workers of Goldfields are likely to be fired in Ghana in the coming months if gold prices on the global market does not recover.

[contextly_sidebar id=”asTg2bI9qoh3a7ptMXFjZbnkrV94MfIz”]The dismissals will occur if the mining giant goes ahead with plans to shut down the Damang mine in Western Region.

Citi Business News has gathered the company is however currently deciding whether to place the Damang mine under “care and maintenance” by pulling back on certain mining activities until gold prices recover or whether to inject cash to access deeper higher quality ore.

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The company is expected to take a decision on the two options by early next year.

According to the chief executive of Goldfeilds Nick Holland “If the results of the study indicate that we are going to need higher gold prices to make it work we may decide to pull back,”

A decision on the operation, which contributes 7% of the company’s output, will be announced early next year.

“The costs at Damang are way too high – they are higher than the gold price. If you get rid of loss-making operations you are better off,” Hochreiter told Reuters.

Damang did not benefit from weaker currencies like its mines in other regions, leaving it exposed to sinking gold prices.

Gold Fields, which also operates mines in Australia and Peru, said normalised earnings for July-September reached $22m, the same as the previous quarter. It also said it cut net debt by 3.4% to $1.42bn.

By:  Vivian Kai Lokko/citifmonline.com/Ghana

 

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