Gold rout forcing mining firms to slash labour costs
Cutbacks include corporate office staff and local contractors but not mine workers
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New York
MINERS from global giant Barrick Gold Corp to small-cap Golden Star Resources Ltd are grappling with the same dilemma as the gold rout deepens: how to reign in labour costs without sacrificing too much output and revenue.
Barrick is looking at how to do "more with less" as it targets US$2 billion in spending cuts, co-president James Gowans told analysts last week. Toronto-based Golden Star is working to reduce labour costs further, while Kinross Gold Corp, Yamana Gold Inc and Newmont Mining Corp are also reviewing headcounts as prices hover around five-year lows.
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