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|1y target est||22.61|
Africa's biggest gold miner AngloGold Ashanti (Xetra: AOD.DE - news) is considering retrenching 8,500 mine workers as part of its restructuring of its South African business "to ensure their viability", sending its shares lower. The company which employs 28,000 people, said the retrenchment is part of restructuring of the company’s production and cost base in its South African business. In May, AngloGold reported a 16 percent drop in first-quarter profit following a decline in South African production, and said it was reviewing its South African operations to restore their margin and ensure their recovery.
AngloGold Ashanti Ltd. may cut about 8,500 jobs in South Africa and halt some unprofitable operations as the world’s third-largest gold producer pursues a turnaround in its home country.