Gold price falls to near $2,000 level on strong US jobs data
The latest US labour report showing an accelerated job growth for the month of November and a 3.7% decline in unemployment rate.
The latest US labour report showing an accelerated job growth for the month of November and a 3.7% decline in unemployment rate.
Coal, the dirtiest fossil fuel, still generates about a third of the world’s electricity.
The precious metals producer will have to let go about 100 employees and approximately 187 contract workers.
Announcement comes barely six weeks after the company kicked off a similar process at one of its South African gold mines.
Move will result in the loss of about 1,000 jobs, though it will keep its refinery and smelters open in North Queensland.
Potential revision of the Kloof 4 shaft in South Africa comes after numerous failed attempts to address productivity and operational issues.
This follows another job cut announcement 10 days earlier, when Codelco said it would trim 10% of staff.
Latest data suggests that the US labour market was slowing amid mounting risks of a recession.
Labour challenges have added significantly to the cost of both the CGL and TMX projects, which competed with each other for labour.
Gold surpassed $2,000 last week as weak US services sector and job openings data made a rate hike next month less likely.