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South African Platinum Business Not “Sacrosanct,” Says Amplats CEO
Aug. 30, 2013 09:36AM PST
Precious MetalsThe Globe and Mail reported that although Anglo American Platinum Ltd. (OTCMKTS:AGPPY) is currently committed to staying in the platinum business in South Africa, the company will not hesitate to drop its assets there if they do not perform.
The Globe and Mail reported that although Anglo American Platinum Ltd. (OTCMKTS:AGPPY) is currently committed to staying in the platinum business in South Africa, the company will not hesitate to drop its assets there if they do not perform.
As quoted in the market news:
The company has been trying to hammer out a restructuring plan for the business but fierce government and union resistance led it to rein in plans for 14,000 job cuts to just under 7,000. The company will give a further update on the process on Friday.
Asked whether Anglo American was committed to staying in South African platinum, CEO Mark Cutifani told Reuters: ‘Yes we are … as we are for all of our commodities. But if they don’t deliver, they won’t stay in the portfolio. Nothing is sacrosanct.’
Click here to read the full report from The Globe and Mail.