Anglo American Platinum Loses 191,359 Oz., Looks to Cut Jobs
Anglo American Platinum (Amplats) will publish the results of a recent business review which will probably point towards future shaft closures, as early as the New Year. The report comes on the heels of Amplats losing 191,359 oz of platinum recently due to wildcat strikes at multiple South African operations, where 80% of the world’s platinum is mined. This figure, moreover, is figured to rise.
The company, according to the business review, is mulling over cutting jobs and closing shafts in the new year. The review will be presented to the Amplats board in January and made public shortly thereafter.
The illegal strike action began in mid-September and has had a “significant financial impact” on the platinum producer, it said earlier this month.
According to Bloomberg, the strike action has cost the company approx. $5.6m per day.