Johannesburg - Impala Platinum, the world’s second-largest producer of the metal, plans to cut as many as 1 600 jobs at its Rustenburg operations in South Africa as the metal trades near six-year lows.
Workers at the Rustenburg Lease mine, north-west of Johannesburg, were handed notices about the personnel cuts on Wednesday, spokesman Johan Theron said by phone on Thursday.
Chief Executive Officer Terence Goodlace said on September 3 that the company was considering closing one shaft and sections of another operation at the mine, the world’s largest.
“We have now started that process,” Theron said.
Platinum producers in South Africa, which holds more than 70 percent of global reserves, are cutting staff, delaying capital expenditure and closing operations as prices plunged to levels near the lowest since 2009. Earnings were also hit by a five-month strike last year.
Lonmin, the third-largest producer, is planning as many as 6 000 job cuts, while Anglo American Platinum, the largest, said in June as many as 420 managerial and supervisory positions may be eliminated. Atlatsa Resources plans to cut about 500 jobs at its Bokoni mine in northern Limpopo, representing about 10 percent of all employees, spokeswoman Prudence Lebina said by phone on Thursday.
BLOOMBERG