PARAMARIBO (Reuters) -Newmont, the world’s largest listed gold miner, announced on Friday that it would lay off 10% to 15% of its workforce at its Merian mine in Suriname, citing production declines.

“Since 2021, gold production at Merian has declined 48% while operating costs have increased by 50%, challenges that have put pressure on the long-term sustainability of operation,” Newmont said in a press release.

According to the company, some 1,550 people currently work at the Merian site.

(Reporting by Ank Kuipers; Writing by Brendan O’Boyle; Editing by Sarah Morland)