Over 400 employees of the Damang Goldfields Ghana Limited will be rendered redundant by the close of February, 2016.
The redundancy has become necessary as the company seeks to cut down on its cost of operations amidst a plummeting gold price on the world market, rising cost of utility prices among other factors.
This was made known by the company’s Community Affairs Manager, Abdul Razak Yakubu during a consultative stakeholders meeting organized quarterly aimed at informing stakeholders on the state of affairs of the company.
He explained that in the wake of this unfortunate situation the company will contract other mining firms to handle some tasks at the mine should some positive signs be detected.
Yakubu emphasised that a committee has been put in place to oversee to the process of paying the needed compensations due the affected workers.
Reacting to the development, the Prestea Huni Valley District Chief Executive (DCE), Robert Wisdom Cudjoe lamented that the situation will affect livelihoods of affected workers.