Anglo American to cut 2,000 platinum jobs in S.Africa
Mining giant Anglo American Platinum said Friday it planned to cut at least 2,000 jobs at two mines in South Africa as the firm reels from sharply falling prices.
South Africa's mining sector has shed thousands of jobs in the wake of falling demand due to China's declining economic growth, as well as enduring debilitating strikes over wages and poor energy supplies.
"The company expects approximately 2,000 jobs in total to be impacted by the proposed restructuring at Twickenham and Union Mine," it said in a statement.
In 2014, Anglo American Platinum consolidated its two Union mines into a single operation, while Twickenham "continued to make a substantial cash loss in 2015".
"Anglo American Platinum has no choice but to manage the business for the current environment and we need to take decisive action to ensure the sustainability of the business," said financial director Ian Botha.
The job losses are the latest in a series of cutbacks by the company.
South Africa produces 70 percent of the world's platinum, which has fallen in price by almost a half in five years.
© 2016 AFP