Implats warns of job cuts as it tackles unprofitable shafts
Impala Platinum, the world’s second-largest producer of the metal, is heading into a turbulent time as it cuts jobs and tackles its loss-making Rustenburg mines, the biggest contributor to group production and a major factor in its full-year loss. Implats is the latest company to tackle its unprofitable, old shafts, and follows AngloGold Ashanti and Sibanye Stillwater, which are preparing to close decades-old shafts, and the closure of Bokoni platinum mine jointly owned by Atlatsa Resources and Anglo American Platinum, cutting a total of 20,000 jobs. The South African mining industry cut 70,000 jobs in the past five years. Given the political backlash from the government and unions when Amplats unveiled job cuts of 14,000 people four years ago, with threats made by then-mineral resources minister Susan Shabangu against the company’s mining rights, Implats started talking to the state and unions before unveiling its plans. Implats could start with shedding up to 4,000 positions, keep...
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