Anglo American Platinum (OTCMKTS:AGPPY) announced its plans to cut over four hundred jobs at its Rustenburg Platinum Mines unit as a continuation of the company’s value-driven strategy in response to the dark outlook for the sector.

As quoted in the press release,

The proposed redesign takes into account the financial difficulties in the PGM industry and is a continuation of Anglo American Platinum’s value-driven strategy. It aims to improve the Company’s financial sustainability by aligning the support structure with the proposed reconfiguring of operations into large, more efficient mining complexes benefitting from increased scale and less complexity.

Click here for the full Anglo American Platinum (OTCMKTS:AGPPY) press release