Lonmin plans to cut 4 100 workers as it closes platinum mines | Fin24
 
  • Another VAT hike?

    Absa warns that govt may again announce an increase in value added tax in next month's Budget.

  • SA Revenue Service

    The tax agency says a unit that tackles illicit financial flows has recovered R2.6bn since April 2019.

  • State Capture Inquiry

    Former Eskom chairperson Zola Tsotsi says Tony Gupta threatened to have him removed.

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

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote

Loading...