Canadian company to cut 10 percent of jobs at Suriname gold mine; local media report strike

NEWYou can now listen to Fox News articles!

A Canadian company that operates a gold mine in Suriname says it will dismiss roughly 10 percent of its workforce to reduce costs amid low global prices for the precious metal.

Toronto-based Iamgold Corp. announced the cuts Thursday. The company owns about 90 percent of the Rosebel mine, with the remainder owned by Suriname. Iamgold says the job reductions are needed to protect Rosebel's long-term viability.

Local media say a strike halted mine operations Thursday after the job cuts were announced.

An Iamgold spokesman in Suriname declined comment when asked about the strike, saying only that further company statements will be issued in coming days.

It's the latest bad news for Suriname's commodities-based economy. Aluminum producer Alcoa has said it plans to close its Suriname operations next month.