Senior Vice President of the firm , Mark Morcombe disclosed this at a staff durbar at Obuasi.
Joy Business' George Wiafe said about 4,300 are expected to be laid off.
400 of them are expected to go home by August with the rest due to be laid off in batches.
Each worker sent home would be given 25 per cent of salary multiplied by the number of years served.
According to Wiafe, the underground operations of the mine will be shutdown be there will still be surface mining operations.
The expected lay-off of workers has received mixed reactions from residents, political heads and economists.
While some believe the lay-off could affect the general economic activity in area over the long term, others believe with the necessary education and investments, the affected workers will still make good use of the severance packages.