ANGLO American Platinum has proposed a restructuring that may affect 3 700 jobs across its South African operations, as plummeting metal prices squeeze profits.
That’s a blow for what has long been one the country’s biggest export industries and is another setback for South Africa’s ruling African National Congress ahead of key elections later this year. The potential cuts impact about 17% of the workforce at the company known as Amplats, plus more than 600 firms whose contracts with the miner are to be reviewed.
In December, the company’s parent Anglo American Plc warned that returns for miners of platinum-group metals were at the lowest level in 30 years. Despite taking steps last year to reposition the business, Amplats Chief Executive Officer Craig Miller said it’s clear they don’t go far enough. -bloomberg