By Garmah Never Lomo, garmahlomo@gmail.com
The Bea Mountain Mining Company in Western Liberia and its subsidiary, construction mining company, have decided to redundant 384 workers from the mining department of their operations.
The company’s decision is based on the low price of gold on the world market and the company can no longer acquire more funding to continue with them.
Like MNG Gold in Liberia’s central Bong County, which is also laying off 157 workers, Bea Mountain Mining Corporation explores and mines gold ores.
In a profile published on Bloomberg website, Bea Mountain company was founded in 1996 and is based in Monrovia, Liberia, operating as a subsidiary of Avesoro Resources Inc.
Meanwhile, the affected employees of Bea Mountain are expected to begin receiving their redundant letters on Wednesday, June 6, 2019 and will finally be terminated on the 11 of June 2019.
The economic crisis in the country appears to be going from bad to worse, with bleak economic outlook reported by the International Monetary Fund (IMF) as was seen in a report released by the 2019 Article IV Mission of the IMF on March 8, 2019.
“The mission notes the need for significant action to improve the business climate and provide the enabling environment required for private sector-led growth. Removing administrative constraints on imports and prices to boost the level of competition, while ensuring quality and safety standards, should be prioritized. Liberia should step up efforts to strengthen governance and anti-corruption efforts as envisaged in the government’s pro-poor agenda, as it would create an environment conducive to private sector-led inclusive growth,” the report said.
In early May this year, the company laid off 123 workers. And again, 384 have to lose their jobs due to the current economic slump.
Those who were redundant in early May came the construction and driving departments.
There are other reports that the Sime Darby oil palm company operating in the west of the country too plans to lay off over 180 employees.
Coming hard on the heels of the current economic crisis, the latest MNG Gold redundancy is said to be affecting both Liberian and expatriate employees.
The company said it took the decision to reduce its workforce by18 percent (157) in line with the laws and regulations and the collective Bargaining Agreement to be signed with united Workers Union of Liberia.
The current economic meltdown is one of the reasons that has prompted organizers of the planned June 7 “Save the State” protest to peacefully assemble raising their concerns for the CDC government of President George Weah to address them.