ZANU-PF Not in Favor of Proposed Job Cuts at Mimosa

Bloomberg reported that Zimbabwe’s ruling party, the Zimbabwe African National Union-Patriotic Front (ZANU-PF), has spoken out against Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY) and Aquarius Platinum Ltd.’s (ASX:AQP,LSE:AQP) plan to cut 100 jobs at their Mimosa operation. The planned cuts are the result of low prices.

As quoted in the market news:

‘The Zimbabwean mine must make its own decisions instead of the South Africans coming here and deciding how to cut their costs,’ Zimbabwe African National Union-Patriotic Front spokesman Rugare Gumbo said by phone from the capital, Harare.

Expenses at Mimosa rose 23 percent in the year ended June 30, Johannesburg-based Impala said in an Aug. 29 statement. Management at the mine, where platinum-group metal output rose 3.3 percent to 217,872 ounces, wants to start a voluntary job- cut program as part of plans to reduce costs, Winston Chitando, chairman of the operation, said in a Nov. 9 e-mail. The price of platinum has dropped 8.6 percent in the past 12 months.

Click here to read the full Bloomberg report.