Job cuts send SA’s platinum supply back to pre-Covid levels
World council estimates the sector has reduced its headcount by 10,000 so far this year
12 September 2024 - 05:00
Platinum supply has slipped back to pre-Covid levels after the industry slashed about 10,000 jobs and recalibrated operations in response to a plunge in prices, according to the World Platinum Investment Council (WPIC), which has warned that job cuts risk long-term production erosion.
The council said the plunge in platinum group metal (PGM) prices exerted significant margin pressure across much of the SA cost curve, estimating the industry reduced its headcount by 10,000 employees during 2024...
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