Newmont To Cut Additional 500-600 Jobs At Ghana Mine

ACCRA (Reuters) - Newmont Mining Corp <NEM.N> plans to cut up to 600 jobs at its Ghana gold mine by June this year, its local manager said on Monday, citing an ageing facility and slumping gold prices.

Global gold prices slumped 28 percent last year. They have recovered around 4 percent so far this year, benefiting from risk-aversion on fears of capital flight from emerging markets following the U.S. Federal Reserve's move to taper its stimulus.

U.S.-based Newmont operates two mines in the West African country. Ahafo produced its first gold in mid 2006, and Akyem commercial production began last year. Both projects constitute around 20 percent of the company's core assets worldwide.

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