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AngloGold job cuts prelude to further job losses

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The latest Mining Charter has been met with opposition by mining houses, who believe the cost of implementing it will be too high. Picture: Getty Images
The latest Mining Charter has been met with opposition by mining houses, who believe the cost of implementing it will be too high. Picture: Getty Images

AngloGold’s move to cut thousands of jobs could be part of the next wave of job losses in the mining sector. Since 2012, the local mining sector has shed more than 70 000 workers.

Leon Esterhuizen, a Nedbank corporate and investment banking analyst, said that he expected more jobs to be cut in the local gold and platinum mining sectors due to the decline in the prices of these precious metals.

AngloGold Ashanti’s share price has dropped since the company said it would restructure its two mines and cut as many as 8 500 jobs.

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ZAR/USD
15.21
(-0.61)
ZAR/GBP
20.31
(-0.41)
ZAR/EUR
18.11
(-0.57)
ZAR/AUD
11.20
(-0.62)
ZAR/JPY
0.15
(-0.78)
Gold
1807.89
(-0.01)
Silver
23.29
(-0.18)
Platinum
961.00
(+0.25)
Brent Crude
48.73
(+1.57)
Palladium
2365.13
(+2.42)
All Share
57923.69
(+0.31)
Top 40
53084.13
(+0.27)
Financial 15
11645.28
(+0.04)
Industrial 25
79993.34
(+0.20)
Resource 10
52790.93
(+0.35)
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