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Gold/Mining/Energy : Canadian Diamond Play Cafi
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From: Famularo2/26/2005 12:01:32 PM
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De Beers plans to restructure operations at seven South Africa diamond mines, which could lead to the reduction of 1,270 out of the 9,442 employees at the De Beers Consolidated Mines.

In an effort to increase revenue and improve efficiencies, and curtail costs linked to weaker dollar value, the company said it must re-examine the business model for the mines.

The notice was given to the National Union of Mineworkers per the Labor Relations Act 66 of 1995. Five of the seven mines operate at a loss.
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