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.