Newmont Ghana has announced that its ongoing work to streamline its cost structure and improve business efficiency will affect some programmes and the size of the workforce.

A press release copied to the GNA said the employee reduction reflects the company’s work to improve its increasing cost structure while creating value for all its stakeholders. It said about 300 employees will be affected by the end of the fourth quarter of 2013.

The release said the company has notified the Chief Labour Officer and begun discussions with the Ghana Mine Workers Union on a Memorandum of Understanding which will outline the pay-out package for the affected employees.

“Ongoing price volatility and steadily rising costs create intense pressure for us to continuously improve our efficiency and effectiveness to ensure our operations are profitable and sustainable. We face some very difficult decisions in streamlining our organization and are committed to treating people fairly throughout this process,” said Dave Schummer, Regional Senior Vice President – Africa Operations.