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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
The UK cities where it’s cheaper to buy a house than rent
For people in some areas of the country, home ownership is a distant dream. But for others it can be surprisingly affordable.
-
Review: The Grill at the Dorchester
The Grill at the Dorchester has a new, easy-going atmosphere, but the food is serious: from punchy beef wellington to grown-up tarte tatin, says Dan McEvoy