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Amplats: CEO cites JSE rules

Jan 16 2013 16:38
Mining

(File) (Shutterstock)

Company Data

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 0
Change -0,07
% Change 0
Cumulative volume 1922651
Market cap 300.78bn

Last Updated: 19-12-2014 at 04:40. Prices are delayed by 15 minutes. Source: McGregor BFA

Anglo American Plat Ltd [JSE:AMS]

Last traded 0
Change 0,02
% Change 0
Cumulative volume 282777
Market cap 89.00bn

Last Updated: 19-12-2014 at 04:40. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Anglo Platinum [JSE:AMS] (Amplats) CEO Chris Griffith responded to comments made by Mineral Resources Minister Susan Shabangu on Wednesday, saying that despite the fact that there was a public process, JSE regulations on sensitive information prevented a totally transparent discussion with all stakeholders.

Shabangu questioned the miner's decision to "leave government out" of its announcement that it may retrench some 14 000 jobs.

She also called Griffith "arrogant" following an announcement that Amplats planned to close four shafts in the Rustenburg area and sell its Union mine.

In an interview with Moneyweb, Griffith said he would not be drawn into a public spat with the minister.

“Clearly the minister is unhappy about a number of things, and I'm going to need to go back to the minister and sit down with her and work through the concerns that she may have.”

Griffith told the publication that due to the regulations regarding sensitive information, the company could not discuss its plans openly with all stakeholders.

“I think we would argue that, given the narrow range that we have to consult, whilst we are developing our plans before it becomes public we were not in a position to talk about some of our future plans with every person. Even the nature of the conversation with government we’ve got to be careful about.

“We have continuously engaged with all stakeholders, including different levels of government,” Griffith said in the report.

Anglo American announced at the beginning of 2012 that that it would review platinum operations.

“So this is likely to be a difficult period. I don’t think anyone expected either government or unions or ourselves or civil society to say it's a good idea that we have retrenchments.

"But the fact is that if we don’t do something about the company, eventually 60 000 people in the company will have no employment. We seek to work with our stakeholders.

"If some of our stakeholders are feeling uncomfortable about that, we need to sit down with them and work through that. And if there are difficulties we need to patch those up,” he said.

Meanwhile, shocked Amplats workers refused to go underground on Wednesday.

The ANC also responded with anger, calling the miner’s decision "cynical and dangerous in the extreme".

Amplats’ share price fell 6.30% on Wednesday, while parent company Anglo American’s price was down 1.43% on the JSE.  

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anglo platinum  |  mining  |  retrenchments
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