1 June 2016
Holding Statement on AGAG 2014 Redundancy/ Retrenchment Exercise
AngloGold Ashanti is aware of unfounded allegations, by a small number of ex-employees, that the retrenchment package they received in 2014 was not the full amount due to them.
The Company wishes to state for the record that all entitlements due to retrenched employees were fully paid, in accordance with the Collective Agreement and all applicable laws.
The significant operating losses made by the Obuasi Mine and the need for fundamental change to secure a sustainable future for it, was communicated to the entire work force through management and union structures well in advance of the resultant retrenchment process. This retrenchment programme received support and facilitation from a wide range of national authorities and stakeholders, including the Ghana Mine Workers’ Union and the Chief Labour Officer.
In total, an amount in Cedis equivalent to about $241 million, was paid to workers in accordance with the Collective Agreements and applicable laws. The Collective Agreements are available and the calculations can be verified, confirming that AngloGold Ashanti Ghana has fully discharged its obligations to each of its employees.