https://en.sputniknews.africa/20240219/mining-company-anglo-american-plans-to-reduce-thousands-of-jobs-in-south-africas-platinum-sector-1065155975.html
Mining Company Anglo American Plans to Reduce Thousands of Jobs in South Africa's Platinum Sector
Mining Company Anglo American Plans to Reduce Thousands of Jobs in South Africa's Platinum Sector
Sputnik Africa
In early February, South Africa's platinum group metals decided to restructure their operations due to a decrease in pricing and high input expenses, which can... 19.02.2024, Sputnik Africa
2024-02-19T17:42+0100
2024-02-19T17:42+0100
2024-02-19T17:53+0100
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Anglo American Platinum, a major mining company, announced its intention to reduce its workforce by 3,700 employees in South Africa due to the impact of decreased metal prices, according to the company's press release published on Monday.The decision was made due to "the 71% reduction in profit from 2022, ongoing macroeconomic pressures, and the necessity to fortify the company’s competitive position and long-term sustainability."The company's CEO, Craig Miller, stated that the decision was made as a "last resort" following the implementation of many other "cost-saving initiatives".As part of the restructuring process, the contracts of 620 service providers will be reviewed, and negotiations with labor unions will be conducted.South Africa is the largest exporter of platinum and a significant exporter of gold, diamonds, coal, and other raw materials, providing employment to hundreds of thousands of people in the mining industry.According to industry data, the sector contributes approximately seven percent to the country's economic output.Although the new year has already brought challenges to the South African mining industry, last year the sector accommodated almost 500,000 people, generated increased tax revenue for the government, and total wages increased by 7% to around $9.8 billion.
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Mining Company Anglo American Plans to Reduce Thousands of Jobs in South Africa's Platinum Sector
17:42 19.02.2024 (Updated: 17:53 19.02.2024) In early February, South Africa's platinum group metals decided to restructure their operations due to a decrease in pricing and high input expenses, which can potentially impact between 4,000 to 7,000 jobs, South Africa's Minerals Council reportedly said.
Anglo American Platinum, a major
mining company, announced its intention to reduce its workforce by 3,700 employees in South Africa due to the impact of decreased metal prices, according to the
company's press release published on Monday.
The decision was made due to "the 71% reduction in profit from 2022, ongoing macroeconomic pressures, and the necessity to fortify the company’s competitive position and long-term sustainability."
The company's CEO, Craig Miller, stated that the decision was made as a "last resort" following the implementation of many other "cost-saving initiatives".
"Given the market outlook and protracted low-price environment due to structural changes in our markets further measures are required to build the resilience that will sustain this business," he said.
As part of the restructuring process, the contracts of 620 service providers will be reviewed, and negotiations with
labor unions will be conducted.
South Africa is the largest exporter of platinum and a significant exporter of gold,
diamonds, coal, and other raw materials, providing employment to hundreds of thousands of people in the mining industry.
According to industry data, the sector contributes approximately seven percent to the country's economic output.
Although the new year has already brought challenges to the South African mining industry, last year the sector accommodated almost 500,000 people, generated increased
tax revenue for the government, and total wages increased by 7% to around $9.8 billion.
