Bloomberg reports that according to Public Enterprises Minister Pravin Gordhan, SA’s mining companies must reverse recent decisions to cut jobs to help revive the economy and boost investor confidence.  

His comments came after platinum producer Lonmin said it planned to cut 4,100 workers at mines that were being closed down.  In February, Sibanye Gold indicated that restructuring of its unprofitable gold-mining operations in SA could lead to more than 6,000 job losses.  “Companies must ensure there is a balance in what they do in respect of shareholder expectations and societal expectations,” Gordhan said at a dinner hosted by the Minerals Council SA on Tuesday.  While mining has long been a linchpin of the SA economy, uncertainty over government policy, strikes and rising costs have all contributed to an investment downturn that has hurt the country’s overall growth.  Companies must do a deal with the government on a new mining charter that determines industry ownership rules, Gordhan stated.

• The original of the above report by Felix Njini is at Fin24

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