Impala Platinum the worlds second-largest platinum miner is cutting its future production to 520000oz of platinum and slashing the number of its mines to six from 11 with 13000 jobs to go within two years.
Implats is the latest mining company to announce a major restructuring shaft closures and job cuts to cope with a high-cost environment and in the platinum sector a largely stagnant price for its primary metal platinum.
In a phased approach operations will therefore cease at Impala Rustenburgs endoflife and uneconomic shafts with future mining activity focused on profitable lower-cost highvalue and longerlife assets the company said.
The restructuring will cost R2.7bn during 2019 and 202…
Read the full article at: https://www.timeslive.co.za/sunday-times/business/2018-08-02-impala-platinum-to-close-5-mines-in-major-restructuring/