Lonmin plans to cut 4 100 workers as it closes platinum mines | Fin24
 
  • Ferial Haffajee

    Why should SAA employees pay for the sins of Dudu Myeni and Jacob Zuma?

  • The Namibian Link

    Evidence is mounting that VBS Mutual Bank aided another elaborate bank heist.

  • Mobile Merger?

    Telkom has confirmed it is in talks to buy network operator Cell C.

Loading...

Lonmin plans to cut 4 100 workers as it closes platinum mines

May 21 2019 05:01
Felix Njini and Loni Prinsloo, Bloomberg

Lonmin [JSE:LON] plans to cut 4 100 workers at mines that have run out of profitable ore and are being closed.

The platinum producer has started a process that's required under South African labour law to carry out the workforce reductions, said Wendy Tlou, a spokesperson for the company.

The layoffs will come from six old mines that have run out of commercially viable ore. The cuts are part of Lonmin's plan to trim its staff and lower costs at its deep-level mines.

In 2017, the company said it would cut 12 600 workers over a three-year period.

Shareholders are voting this month on an acquisition by rival Sibanye Gold after the company struggled through years of losses and was forced to seek debt-covenant waivers from lenders.

lonmin  |  amcu  |  sibanye  |  mining  |  jobs  |  platinum
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...