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AngloGold Plans Ghana Job Cuts to Curb Costs as Price Falls

AngloGold Ashanti Ltd., the world’s third-largest producer of the metal, said it plans to cut 400 jobs at its Obuasi mine in Ghana by end of the year to rein in costs as the decline in the price of bullion erodes profit.

“The current cost structure is not appropriate; we are transitioning to a more mechanized operation,” Mark Morcombe, the senior vice president in charge of the mine, said in a Sept. 30 interview in the capital, Accra. “The transition is for a three-year period, which will result in more efficient operations.” Obuasi employs 4,800 people.