Today's Labour News

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implatsBloomberg writes that Impala Platinum (Implats) is facing some tough choices as the platinum producer works to stem losses at aging shafts amid slumping prices for the metal.  

The miner has already cut 2,500 jobs in the year through June and says there may be more to come.  Only three of the ten shafts at its Rustenburg mining complex were making money as of March and things have only gotten worse since then, with platinum prices dropping another 9% and hitting a nine-year low last week.  Implats will announce the results of a strategic review of Rustenburg in September, said spokesperson Johan Theron.  The challenges facing the industry meant the miner could not discount the possibility of more job losses, he said, adding that the company had initiated a so-called ‘Section 189’ retrenchment process.  Implats employs about 31,000 people at its Rustenburg operations.  It isn’t the only one facing difficulties, with about half of the industry’s production estimated to be unprofitable.  Lonmin is cutting 12,600 jobs over three years and its future hinges on the speedy approval of a merger deal with Sibanye Gold.  Yet, Anglo American Platinum is in a better position than its counterparts after exiting high-cost assets.


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