NewGold is looking to cut production costs, offering 45 voluntary redundancies at its Peak Gold Mines in Cobar, New South Wales.
Employees have until this afternoon to put their hand up for the deal, The ABC reports.
PGM Environment and Social Responsibility Coordinator, Chris Higgins said the company will also consider forced redundancies.
He said cutting jobs is one of the measures the company is taking to sustain its operation and management is reviewing other ideas to save money this week.
"We've got obviously a lot of people in a lot of different departments with a lot of skills and expertise that we definitely want to make the most of," he said.
''That's one big thing, so everyone's putting them down on paper and so that'll be taken into consideration as to how we're looking forward as well."
Higgins said the miner will have a better idea about what steps will need to be taken in coming weeks.
"We're not 100 per cent sure what the voluntary uptake will be, we're assuming that it probably won't be up at that 40-45 and so we'll have to reassess and make some other stronger decisions, harder decisions then."
The company currently employs 400 people at the site.
Related Article:Mining supply companies are reporting significant job losses.
Suppliers gathered in Sydney last week to hear from federal and state governments and they're hoping plans the Coalition's plans to scrap mining tax and cut red tape will breath fresh life into the sector.
Gill Eason, from mining services company Pegasus, says the downturn in mining has made "a huge difference" to her company.
"There's nowhere near as many jobs to do. There's no new work, no new construction. They've cut back in all sorts of what they call 'unnecessary" areas'."
Peter Maxwell, from employment company Maxwell Recruitment, in the Hunter Valley of NSW, says employment in the sector has dropped by almost a third.
"From the suppliers I speak to, and from within my own business, I think a 30 per cent reduction is quite common."
Gill Eason is also the secretary of the Singleton Chamber of Commerce. She says the downturn is having a knock-on effect.
"Business has been glum for a while. They have found it really difficult with the withdrawal of many companies and the slowdown is affecting everything," she said.
"The flow-on effect to retailers and the service industry has knocked the socks off people.
"They are finding it really difficult, so certainly having a bit more optimism that was shown in the room today, I think, will bring some hope back to business generally."
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