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Anglo American Platinum faces job losses amidst profit decline

Anglo American Platinum (Amplats) has announced that it will undergo a retrenchment consulting process, putting more than 4,000 jobs at risk. The platinum producer has labelled this process as a “last resort” after experiencing a staggering 70% drop in profits in 2023. The decline in profitability can be attributed to the low prices of platinum group metals (PGMs) and ongoing macroeconomic pressures.

The potential job losses could impact approximately 3,700 direct employees, which accounts for around 17% of Amplats’ workforce, as well as over 620 contractors. In an effort to mitigate the impact, Amplats aims to implement the retrenchment process in line with their values and cultural commitments, prioritizing their employees and considering the effects on their lives.

Amplats justifies this restructuring as necessary to protect its competitive position and long-term sustainability. The company has already taken steps to address the challenges faced by the PGM industry, including implementing cost-saving initiatives. However, given the market outlook and the prolonged low-price environment, further measures are required to build the resilience of the business.

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