DRDGOLD: South African Gold Miner Cutting 1,335 Jobs

DRDGOLD, the fourth largest gold producer in South Africa announced it is cutting 1,335 jobs at it shut down a mine east of Johannesburg.

The workers losing their jobs are part of a contingent that labored at the ERPM mine that closed in October for maintanence related to underground water problems. The ERPM mine had to be shut down underground as the pumps used to handle the underwater situation could get rid of the rising water levels fast enough, making it impossible for mine workers to continue.

According to DRDGOLD, they've transferred some remaing workers to other operations, while other accepted volunatary retrenchment.

The gold company added there was no way they could continue gold mining operations, as it is beyond the financial means of the company to retain full time workers at an operational level.

Gold mining in South Africa is the major export for the country, being 9 percent of overall export earnings for the South African economy.

DRDGOLD and the overall South African gold mining industry continues to be under pressure, as more job cuts will come until operations are improved.