October 20, 2017

8500 AngloGold employees to be jobless soon

AngloGold Ashanti will retrench 8500 as one of the measures aimed at turning around its business operations, said the company in a press statement.

“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.

In the past 18 months, the company had outlines a number of measures that were to be undertaken to restructure its business, which had been in the red for a while.  One of the measures was doing away with its noncore parts of its business.

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