Newmont Ghana to fire 300 workers

A weak gold price is taking its toll on mine workers: Newmont Mining (NYSE:NEM) Ghana has announced that 300 employees will lose their jobs by the end of the 2013 fourth-quarter.

"The employee reduction reflects the company’s work to improve its increasing cost structure while creating value for all its stakeholders," Newmont announced earlier this week.

The company is now in discussions with the Ghana Miner Workers Union over pay-out packages.

“We face some very difficult decisions in streamlining our organization and are committed to treating people fairly throughout this process,” said Dave Schummer, Africa Operations senior vice president.

According to one report, tax hikes on miners may prompt other companies to follow suit.

Newmont Ghana employs about 2,500 people in the country. It's Ahafo and Akyem projects comprise about 20% of its core assets worldwide.