Newmont Lays Off 56 Employees In Nevada
ELKO, Nev. (AP) â¿¿ Newmont Mining Corp. has announced the layoffs of 56 employees in Nevada, citing lower gold prices and rising costs.
Newmont spokeswoman Mary Korpi says the move was "difficult but necessary" in order for the Denver-based company to remain competitive in the current business climate.
She says the company preferred to reduce its workforce through attrition, which averages 10 percent annually.
But she says the company did not have the time or flexibility to rely solely on attrition for reducing its labor costs.Affected employees will receive severance packages and access to services to land other jobs. In June, Newmont hinted it could lay off some Nevada employees after announcing plans to cut its workforce in Colorado by 33 percent. Barrick Gold Corp. slashed about 40 positions in Nevada in June.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV