London - Lonmin [JSE:LON], the world's second-largest platinum producer said on Thursday that it is in talks with unions and employees aiming to cut 3 500 jobs at its mines in South Africa, in an attempt to withstand low platinum prices.
Lonmin said it hopes it can achieve this through a voluntary process, with forced job cuts a last resort.
"The mining industry is going through another challenging economic cycle and we need to make difficult decisions to maintain the resilience of our business and protect employment," Chief Executive Ben Magara said in a statement.
"Nobody wants this, but we all have to protect the future of the business for as many employees as possible."
Lonmin employes about 37 000 people, including contractors.
Like its peers it has been battered by a steep fall in platinum prices in the last year.