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ALERT: Charter warning as AngloGold starts retrenching 8 500 workers

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UPDATE: This article has been updated with comment from the department of mineral resources.

Cape Town - AngloGold Ashanti [JSE:ANG] is embarking on retrenchments that could see 8 500 workers lose their jobs, a move seen as the first of many to hit the mining industry as a consequence of the Mining Charter.

The mining company said the retrenchments is part of a restructuring certain of its business units, following a review to turn around the performance of these loss-making operations.

"This is a difficult decision which follows a period of significant and - ultimately - unsustainable losses, and also the evaluation of the options available to return our South African business to profitability," said AngloGold Ashanti chief executive officer Srinivasan Venkatakrishnan.

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