Business News of 2013-12-27

Newmont introduces austerity measures

Newmont Ghana Gold Limited (NGGL) has announced austerity measures to sustain its operations in Ghana in 2014 following the historic decline in the price of gold on the world market.

Agbeko Kwame Azumah, Communications Manager of Newmont Ahafo Mines, who announced this during a media soiree at Mensah Kumta Village, Kenyase recently said: “Such will position Newmont better to continue to do business and be useful to its host communities as well as contribute its quota to Ghana’s economy.

Agbeko Azumah admitted that 2013 was quite challenging for the mining giant in Ghana in terms of the low price regime and the exponential cost in their operations.

According to him, the company took difficult decisions to lay off 240 staff across its operations in Ghana, namely Ahafo and the Akyem Mines as well as the head office in Accra.

“As a company, we lost 240 staff, something we could not do anything about. It was a critical decision to take,” he pointed out.

He, however, mentioned that in spite of the numerous challenges, the company chalked some successes.

The company was adjudged the best improved mine in safety.

Touching on the company’s cooperation with the media, Agbeko Azumah said the media has always been a critical ally of Newmont, noting that it relies heavily on the media to correct some of the misconceptions in the system.