Impala Platinum puts a number on first round of job cuts
Implats has begun the retrenchment process as new CEO Nico Muller seeks to return it to profitability — but he says this round does not preclude further cuts if needed
Impala Platinum, the world’s second-largest miner of the metal, could lay off up to 2,500 of its 31,000-strong workforce at its Rustenburg mining operations to cope with low metal prices and declining production, CEO Nico Muller said on Monday.Just days after Implats released annual financial results — in which Muller, in his first outing as the company’s chief executive, outlined a strategy to return the company to profitability — the official engagement with labour was started.Implats had informed unions, government authorities and other stakeholders at its Rustenburg mines, known as Impala, that it had started a Section 189 process in terms of the Labour Relations Act to restructure those mines, warning that jobs could be lost."The financial sustainability of Impala has deteriorated significantly over recent years. We have implemented ongoing cost saving and optimisation initiatives in an attempt to restore profitability and secure continued employment as far as possible," Muller...
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