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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.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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