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Impala Platinum plans to cut 1 600 SA mine jobs

Sep 18 2015 10:14
Andre Janse van Vuuren


Company Data

IMPALA PLATINUM HOLDINGS LIMITED [JSE:IMP]

Last traded 139
Change 0
% Change 0
Cumulative volume 7850525
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLO AMERICAN PLATINUM LIMITED [JSE:AMS]

Last traded 1317
Change -9
% Change -1
Cumulative volume 194816
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Lonmin plc [JSE:LON]

Last traded 0
Change 0
% Change 0
Cumulative volume 0
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Impala Platinum [JSE:IMP], the world’s second-largest producer of the metal, plans to cut as many as 1 600 jobs at its Rustenburg operations as prices have fallen to six-year lows.

Workers at the Rustenburg Lease mine, northwest of Johannesburg, were handed notices about the personnel cuts on Wednesday, spokesperson Johan Theron said by phone on Thursday.

CEO Terence Goodlace said on September 3 that the company was considering closing one shaft and sections of another operation at the mine, the world’s largest.

“We have now started that process,” Theron said. Impala employed 55 840 people at the end of its 2014 fiscal year, according to data compiled by Bloomberg.

Platinum producers in South Africa, which holds more than 70% of global reserves, are cutting staff, delaying capital expenditure and closing operations as prices plunged to levels near the lowest since 2009. Earnings were also hit by a five-month strike last year.

Lonmin [JSE:LON], the third-largest producer, is planning as many as 6 000 job cuts, while Anglo American Platinum [JSE:AMS], the largest, said in June as many as 420 managerial and supervisory positions may be eliminated.

Atlatsa Resources Corporation plans to trim its workforce at the Bokoni mine in northern Limpopo province by 500, or 10% of all employees, spokespersorson Prudence Lebina said by phone on Thursday. Amplats is Atlatsa’s partner at Bokoni.

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impala platinum  |  mining  |  retrenchements  |  jobs
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