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Business Report writes that platinum producer Lonmin has cut its workforce by nearly 20% in a bid to keep afloat and to reap the benefits of its business restructuring plan.
The world’s third largest platinum producer yesterday said in a production and business update for the quarter that a total of 19% or 6,861 people were axed as at the end of June. After battling crippling strikes, rising costs and the low metal price environment, Lonmin cut its headcount and non-profitable production as part of the business plan last year. Lonmin said that the job cuts had included 5,433 employees and contractors and the reskilling and redeployment of 1,428 employees into vacant roles that were predominantly created as a result of a deliberate freeze on recruitment and losses due to natural attrition.
- Read this report by Dineo Faku in full at Business Report
Get other news reports at the SA Labour News home page