OceanaGold Corporation (ASX:OGC) has permanently laid off 496 of its Philippines employees. The employees are predominantly from local communities.
Along with the termination of direct employees, around 400 people working with contractors are also impacted. The Company has warned it may be required to implement a second-round of permanent lay-offs in mid November and has provided notices to affected employees.
OceanaGold says the local government blockade of the public road pending the financial or Technical Assistance Agreement (FTAA) renewal, which has constrained ITS ability to continue operations over the past 15 months.
The company says should the FTAA be renewed or the blockade lifted it will work as quickly and safely as we can to rehire hundreds of workers and restart operations.
Shares in OceanaGold Corporation (ASX:OGC) are trading 2.3 per cent higher at $2.26.