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BL Premium reports that Anglo American Platinum (Amplats) has initiated a section 189A process that is likely to result in the retrenchment of 3,700 employees across its platinum mining business as it seeks to reduce R5bn in costs.
The group’s profit for the year decreased by 71%, due largely to a 35% decline in the platinum group metals (PGMs) dollar basket price during the 2023 financial year. Amplats CEO Craig Miller said on Monday that low prices, the drop in profit and “ongoing macroeconomic pressures” had compelled the company to take active steps to secure its long-term sustainability. As a last resort, it began a restructuring process in terms of section 189A of the Labour Relations Act. The process will involve consultation with stakeholders, including trade unions and other affected non-unionised employees. Only once this had concluded would the final number of affected jobs be known. However, Amplats said the restructuring was expected to affect 3,700 employees (about 17% of its employees) and the company would also review contracts with 620 service providers. “The majority of employees impacted will be at Amendelbult (comprising two mines located in Limpopo), followed by processing operations as a result of Mortimer Smelter being placed on care and maintenance,” Miller indicated.
- Read the full original of the report in the above regard by Denene Erasmus at BusinessLive (subscriber access only)
- Read too, Amplats weighs cutting 3700 jobs after metal prices slump, at Moneyweb
- En ook, Amplats wil duisende in SA aflê, by Maroela Media
Get other news reports at the SA Labour News home page