This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
BL Premium reports that Anglo American Platinum (Amplats), set to be renamed Valterra Platinum before its imminent demerger from the Anglo American group, says it is likely to incur “significant” one-off set-up costs to operate independently.
In its annual report published on Thursday, the company said some of the risks associated with its break-up from Anglo American was that some or all of the anticipated benefits of the demerger might not be realised. It also said that the stand-alone outfit “will not be able to rely on certain existing sources to fund its future capital requirements and financing from new sources may be available on less favourable terms”. However, the company, led by Graig Miller, said it has had “extensive” engagements with SA and offshore banks that have expressed “strong interest” in supporting the stand-alone business. The demerger is set to be completed by June as Anglo simplifies its portfolio and turns its back on platinum group metals (PGM), diamonds, metallurgical coal and nickel. Amplats, the history of which stretches back 80 years, has reconfigured its management to make the post-demerger organisation fit for purpose. It said the changes to its executive committee were meant to address business challenges, streamline roles and enhance strategic alignment. “The structure emphasises a local operational presence in SA and brings previously regional and group functions directly under Anglo American Platinum to avoid redundancy,” the company indicated. The company will retain its primary listing in Joburg post the demerger and seek a secondary listing in London.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)
Get other news reports at the SA Labour News home page