Hutti Gold Mines declares lock-out

MUMBAI, JAN 30: The main gold producing company in the country - Hutti Gold Mines Company Limited (HGML) has declared an "indefinite lo...

MUMBAI, JAN 30: The main gold producing company in the country – Hutti Gold Mines Company Limited (HGML) has declared an "indefinite lock-out" owing to worldwide turmoil in the gold prices, devaluation of Indian rupee against US dollar coupled with the workers’ strike.

The company has suffered loss of Rs 80 lakh during the month of November following sharp fall in the yellow metal prices, in the international market and the weakening in the Indian currency against greenback in the last quarter of year 1997. The gold prices touched eight-and-half-year low during the month of December.

Similarly, the gold prices in the London market also touched 19-year-low in that period. The company Chairman and Managing Director (CMD) M K N Shrivastava said in a statement published by the Bombay Bullion Association that the production cost of HGML is US $ 320 per ten gm.

He informed that to make up the losses, the company had announced certain measures like laying off between 600 and 700 "unproductive" workers witheffect from December 14, last year, imposition of a seven-day week with staggered holidays, leave travel concession and privilege leave. But, the employees’ were not amenable to execute it. The company plans to cut wages across the board by 10% was rejected by the workers’ union.

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