Newcrest have announced jobs will be cut at its Telfer mine in Western Australia as the gold miner continues to implement a raft of cost cutting measures across its operations.
Newcrest said it is scaling back operations at Telfer mine which will result in a number of redundancies over the coming months.
“Newcrest, like other gold companies, has experienced significant external economic pressures. The gold price has fallen significantly (and the Australian operating cost environment remains high,” the company said in a statement.
“As a result, over the coming months Telfer will reduce the level of mining activity across the operation, which means an associated reduction in the number of employees and contractors required to support the operation.
“Communication and consultation with Telfer’s employees and contractors about the proposed operational changes has been underway for some time. “
The exact number of redundancies has not yet been finalised.
Gold prices have been in steady decline in recent months, dropping by more than 26% this year.
Newcrest flagged discretionary spend on projects and studies would be cut, it will move to reduce exploration activities, and is suspending the production of higher cost ounces across all operations.
The company have slashed more than 400 jobs from Australia and Papua New Guinea this year.