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Platinum miner Lonmin to cut over 1,000 jobs in SA

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Platinum miner Lonmin - [http://www.mining.com/wp-content/uploads/2016/09/bathopele-mine-anglo-american-platinum.jpg] Platinum miner Lonmin - [http://www.mining.com/wp-content/uploads/2016/09/bathopele-mine-anglo-american-platinum.jpg]

Platinum miner Lonmin plans to cut over 1,000 jobs before Christmas, South Africa’s Solidarity union said on Monday, due to persistently low commodity prices and rising costs.

“Because of these cost pressures, Lonmin has decided to place a number of its marginal shafts under care and maintenance and that is the reason why the 1,139 workers will be affected,” Solidarity, which represents mainly skilled workers, said.

London-listed Lonmin, whose mines are all in South Africa, is also battling a strengthening South African currency and numerous operational issues.

 


 

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CNBCAFRICA

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