Newmont cuts jobs at Granites mine

Newmont has reportedly cut jobs at its Granites gold mine in the Northern Territory.

The miner has slashed 29 positions from its operations since the start of June, according to the ABC.

The majority of its positions are reportedly from the "broad spread of technical and operational areas", a spokesperson said.

Late last year the mine also suspended plans to construct a new shaft, valued at around $400 million, at the operation,

This is not the first miner in the Tanami region to cut staff at its operations.

Around 150 jobs were lost as Tanami Gold put its Coyote gold mine into care and maintenance.

Coyote project was one of Western Australia highest-cost producers, pouring gold at basic costs of $1220/oz during the December quarter.

The gold sector has seen a rash of job cuts in the last six months, as a falling gold price coupled with high production costs have forced miners to let staff go.

In the last month alone Apex Minerals went into administration, Kalgoorlie's superpit has been forced to review its operator costs, and Northern Star was forced to axe development plans for its Ashburton gold mine until prices recover.

However, despite the downturn for gold miners, there has been positive news.

Earlier this week gold made its biggest one day gain in over a year, surging 3 per cent to hit a one-month high on Monday, breaking the $US1300 an ounce mark.

After trading at highs of $US1338.91 an ounce on Monday, gold’s spot price again dipped, to $US1334.31 an ounce by Tuesday.

 

Image: http://www.toyvoyagers.com/

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