Precious Metals

Mining Weekly reported South Africa’s largest platinum mining companies this week warned of potential job losses.

Mining Weekly reported South Africa’s largest platinum mining companies this week warned of potential job losses.

As quoted in the market news:

The warning of potential job losses in a country with a 25.5% unemployment rate comes as the latest Statistics South Africa Quarterly Labour Force Survey revealed a loss of 8 000 jobs in the mining industry during the three months ended September.

Considering that many of the mining companies hit by industrial action only started dismissals in the past month, it was likely that the full impact of the dismissals related to the wildcat strikes would only be seen in the fourth-quarter report.

There was also potential for more job losses arising from possible downsizing at several platinum operations.

Click here to read the full Mining Weekly report.

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