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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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ZAR/USD
17.38
(-0.05)
ZAR/GBP
22.72
(-0.10)
ZAR/EUR
20.56
(-0.12)
ZAR/AUD
12.45
(-0.12)
ZAR/JPY
0.16
(-0.19)
Gold
1942.90
(+0.07)
Silver
26.42
(+0.07)
Platinum
941.16
(+0.46)
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44.74
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2104.73
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57077.48
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Top 40
52737.48
(-0.65)
Financial 15
10156.41
(-0.69)
Industrial 25
75107.47
(-0.84)
Resource 10
58926.78
(-0.40)
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