Advertisement

Anglo American Platinum to cut 6,000 jobs

Anglo American Platinum is set to axe 6,000 jobs in an effort to reduce costs and improve efficiencies.

Anglo American Platinum is set to axe 6,000 jobs in an effort to reduce costs and improve efficiencies.

The move comes as part of a number of proposals aimed at restoring profitability to the mining company.

Proposals include revising its baseline production to 2.2m from 2.4m ounces per annum in the short to medium term and consolidating its Rustenburg project into three operating mines.

Advertisement - Article continues below

The consolidation of Rustenburg would involve the integration and optimisation of the Khuseleka 2 and Khomanani 1 mines along with two mines in the surrounding area.

It would result in a drop in production capacity of about 250,000 ounces per annum (oz/pa) in 2013 and by an additional about 100,000oz/pa in the medium term.

The company is also looking to explore opportunities for further joint ventures and acquisitions.

"Anglo American Platinum expects that the revised proposals have the potential to reduce the number of mining and processing jobs affected to approximately 6,000," the group said in a statement.

Anglo expects the proposed changes to result in a sustainable production of 320,000 to 350,000 ounces per annum in the medium term.

Shares fell 2.10 to 1,632p at 12:06 Friday.

RD

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?
UK Economy

Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?

John Stepek runs his eye over the chancellor's £30bn stimulus package and asks if it's enough to get the economy back on its feet after months of lock…
9 Jul 2020
An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020