AngloGold job cuts may be tip of iceberg

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Johannesburg - AngloGold Ashanti’s closure of two mines and potential retrenchment of 8 500 workers could be only the beginning of a new period of contraction in the 130-year-old industry.

Many shafts at other companies are losing money due to the current gold price, which has fallen precipitously since last year in rand terms.

Jobs in the industry have hovered at about the 120 000 mark since 2014, but in the decades before that, mine closures ensured an almost uninterrupted decline in production and employment, which was nearly 400 000 in 1994.

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Rand - Dollar
14.61
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Rand - Pound
20.30
+0.0%
Rand - Euro
17.34
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