Today's Labour News

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chrisgriffithReuters reports that Chris Griffith, CEO of Anglo American Platinum, said on Tuesday that policy uncertainty in SA and low commodity prices were hurting investment in the mining sector and would lead to further job cuts.  

The embattled industry is waiting for the latest version of the Mining Charter, which contains regulations meant to redress imbalances of the nation's past apartheid rule and stipulates rules for miners to perpetually keep black ownership levels at 26%.  Griffith commented:  "Uncertainty is dreadful for investment.  It puts pressure on jobs and some mines that are already loss-making... there will be further rationalisation of the mines and it's going to lead to further job losses in South Africa."  In addition to policy uncertainty, SA’s platinum miners are battling low commodity prices, high costs and social unrest which has triggered thousands of job losses.  Griffith said 60% of the industry was loss-making and that more jobs were at risk.

  • Read this report in full at eNCA
  • See too, Mining Charter to be gazetted ‘in a matter of weeks’, at SA Govt News Agency
  • And also, Zwane vows new Mining Charter will be most revolutionary, at Fin24

Get other news reports at the SA Labour News home page