Amplats to cut nearly 4000 jobs
Anglo American Platinum has revealed plans to retrench 3,700 employees across its platinum metals mining business.
The move is expected to affect over 600 contracted firms.
The decision follows a 71% decrease in profit, from R49.2 billion in 2022 to R13 billion last year.
This was attributed to a 35% drop in the platinum group metals dollar basket price during the 2023 financial year.
CEO Craig Miller said that there is a need to implement measures to enhance resilience and competitiveness.
The company is set to commence negotiations on restructuring with employees and trade unions.
The Section 189 process is set to run over the next few months.
ALSO READ:
