Amplats to Cut 6,000 Jobs in South Africa

Anglo American Platinum Ltd. (OTC Pink:AGPPY) announced that its revised platinum business proposal involves cutting about 6,000 mining and processing jobs in South Africa, less than half of the 14,000 it originally suggested. The company’s aim is to remain competitive and profitable without upsetting the South African government and unions in the country.

According to the press release, the revised proposal also includes:

• Revising baseline production to 2.2 -2.4 million ounces per annum in the short to medium term
• Consolidating Rustenburg into three operating mines through the integration and optimisation of Khuseleka 2 and Khomanani 1 and 2 mines into the surrounding mines. Khuseleka1 remains operational which is the principal revision to the previous proposal. This will result in a reduction of production capacity ofapproximately 250,000 ounces per annum in 2013 and by an additional approximately 100,000 ounces per annum in the medium term
• Reducing overhead costs and improving efficiencies
• Exploring opportunities for further joint venture business improvement and portfolio rationalisation

Click here to read the full Anglo American Platinum Ltd. (OTC Pink:AGPPY) press release.