Fin24

Platinum job losses to be curbed

2012-08-02 08:39

Johannesburg - An effort will be made to limit job losses in the platinum mining sector, the government, labour unions and mining houses announced on Wednesday.

The three sectors agreed that all measures to support the industry would be explored before retrenchments, according to a joint statement issued by the department of mineral resources.

They vowed to seek to limit the number of jobs to be lost through this process. They also agreed that other ways of cutting costs without reducing safety and health standards should be found, as well as seeking other ways to improve the demand for platinum.

Another measure included adding value domestically to platinum before exporting it.

South Africa's platinum mining industry has been confronted with falling prices as a result of weakening global demand for the metal.

Last month Anglo American Platinum advised unions it wanted to cut 725 jobs, while Lonmin had slashed capital expenditure plans.

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