Share

Gordhan says mining firms must reverse job cuts

South Africa’s mining companies must reverse recent decisions to cut jobs in the industry to help revive the economy and boost investor confidence, according to Public Enterprises Minister Pravin Gordhan.

His comments come after Lonmin said it plans to cut 4 100 workers at platinum mines that are being closed down, while in February Sibanye Gold said restructuring of its unprofitable gold-mining operations in South Africa could lead to more than 6 000 job losses.

“Companies must ensure there is a balance in what they do in respect of shareholder expectations and societal expectations,” Gordhan said at a dinner hosted by South Africa’s minerals council in Johannesburg on Tuesday.

While mining has long been a linchpin of the South African economy, uncertainty over government policy, strikes and rising costs have all contributed to an investment downturn that’s hurt the country’s overall growth. Companies must do a deal with the government on a new mining charter that determines industry ownership rules, Gordhan said.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.92
-0.1%
Rand - Euro
20.47
+0.0%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.3%
Platinum
911.60
+1.6%
Palladium
1,012.97
+1.1%
Gold
2,213.47
+0.9%
Silver
24.80
+0.6%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders