IMPALA Platinum Holdings Zimbabwean unit is offering staff voluntary redundancy packages to cut costs because of anemic metal prices.
Weak platinum group metal prices are projected to last for the next 12 to 18 months, Zimplats Holdings Chief Executive Officer Alex Mhembere said in a staff circular dated March 18 that was confirmed by the company. The producer is beginning “a voluntary retrenchment exercise for all employees wishing to be considered,” which may “mitigate the need for a compulsory retrenchment,” the circular said.
Impala, known as Implats, and its PGM mining peers have already cut thousands of jobs in neighbouring South Africa – which accounts for about 70% of global platinum output. – Bloomberg