IAMGOLD Reports Strike at Rosebel Mine

IAMGOLD Corp. (TSX:IAG,NYSE:IMG) announced that employees at its Suriname-based Rosebel gold mine have started a strike over the layoff of 10 percent of mine employees. According to IAMGOLD, the process required by law was followed at Rosebel, and 50 percent of employees there have already accepted severance packages.
As quoted in the press release:

The layoffs were announced in a news release on October 8, 2015 as a step to further reduce costs at Rosebel as necessitated by the current gold price environment.  Over the past two years IAMGOLD has improved productivity and reduced overall costs by approximately $175 million and Rosebel has made a significant contribution to that effort.  Further cost reductions, however, are needed as the gold price has continued to decline below $1,100 per ounce.

Click here to read the full IAMGOLD Corp. (TSX:IAG,NYSE:IMG) press release.