More cuts at Iamgold in Suriname

(de Ware Tijd) PARAMARIBO — Gold multinational Iamgold plans to make cuts in managerial staff worldwide as part of economizing strategies. For the past two years, the company has been making drastic cuts in response to the plummeting price of gold on the world market. Steve Letwin, Iamgold CEO, in a statement said he intends to come out stronger after the cuts.

The company has been able to cut US$125 million on its operations in several countries last year. In Suriname several plans were delayed, including expansion plans. The management intends to cut local management and administrative costs by 10 percent. Simultaneously the company will study how to boost production.

Suriname, the main operations of the Canadian company, will soon be subject to more measures. The company has initiated the ‘Wi Tyari en Waka initiative, a joint evaluation of production processes by the staff and consultants. Sharmila Jadnanansing, corporate and legal manager at Rosebel Goldmines (RGM), the Iamgold Suriname subsidiary, says the objective is to find points for improvement in order to increase efficiency.