Today's Labour News

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implatsBusinessLive reports that Impala Platinum (Implats) is heading into turbulent times as it tackles its loss-making Rustenburg mines with an inevitable restructuring.  

Implats is the latest company to tackle its unprofitable, old shafts.  It 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), together cutting a total of 20,000 jobs.  The scale of job cuts at Implats is not yet known, but with a loss of R2.7bn loss incurred at its Rustenburg mines, the board regards the continued low platinum price as the new normal.  The formal job cuts process is expected to start in the next few weeks.  Nedbank analyst Leon Esterhuizen reckons Implats could start with shedding up to 4,000 positions, keeping the number relatively low to avoid a backlash, and then progressively reduce the headcount until the company reaches a sustainably profitable level of production from the Rustenburg mines.

  • Read this report by Allan Seccombe in full at BusinessLive
  • Read too, Lossmaking operations will not be supported, says Implats, at Mining Weekly

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