JOHANNESBURG (Reuters) - Africa's biggest gold miner AngloGold Ashanti is retrenching 8,500 mine workers as part of its restructuring its South African business "to ensure their viability", sending its shares lower.
The company which employs 28,000 people, said the retrenchment is part of restructuring of the company's production and cost base in its South African business.
In May, AngloGold reported a 16 percent drop in first-quarter profit following a decline in South African production, and said it was reviewing its South African operations to restore their margin and ensure their recovery.
(Reporting by Tanisha Heiberg; Editing by James Macharia)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app