Anglogold Ashanti Doles out Financial Advice for Laid-off Workers
Financial advice has been handed out to more than 800 mine workers for Anglogold Ashanti from the Obuasi community in Ghana who attended a special investment fair.
They are among what is being estimated as an overall figure of 6,500 workers who are being retrenched as Anglogold Ashanti shuts down its old mine site to relocate to the Sanso site also in Obuasi.
The fair was endorsed by the Ghana Mine Workers Union (GMWU) which has started its own programme to help its members better manage their severance packages.
Following negotiations, union members will be paid 25 percent of their annual salary multiplied by the number of years they have worked at the mine.
Education and advice about handling personal finance form part of the GMWU’s sensitisation programme.
The investment fair included more than a dozen investment institutions and recruitment agencies who were able to recommend plans for more efficient management of the monetary packages.
Prince William Ankrah, General secretary of the GMWU, has been reported saying: “The campaign is working well and management is supportive.”
The retrenchment programme was announced earlier this year and Anglogold Ashanti is expected to spend $220 million in settlement packages.
However, it is expected within two years the company will re-hire some of the more highly skilled workers once the redesign of the mine has been completed.
The decision to close the old mine has been blamed on rising production costs, high under-performance of works and unstable world markets affecting prices.
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.