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Anglo platinum arm sheds 14,000 jobs, risking unrest

Reuters - Jan 15, 2013

Anglo American Platinum plans to mothball two South African mines, sell another and cut 14,000 jobs, risking a repeat of last year's violent strikes as the world's largest producer of the precious metal struggles to stem losses.

Reaction to the long-awaited plan from Amplats on Tuesday was swift, with the government accusing the company of betraying its trust and a labour leader threatening strikes across its South African operations if the closures go ahead.

Improvements at Amplats, 80 percent owned by mining group Anglo American, are critical to the fortunes of its underperforming parent. In 2006, Amplats made up a quarter of Anglo's operating profit, but that has dwindled as the platinum firm struggles with rising costs and weak prices.

Investors welcomed the plan to cut output by almost a fifth - or 400,000 ounces a year - and begin a shift to profitable production as the first step in Anglo's own recovery.

But a labour leader promised to fight any attempt to put mines under "care and maintenance", when output is halted but they are maintained enough to be reopened in future.

Read Full Article from Reuters

- Posted: 2013-01-15 13:16:54

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