Amplats Planning 7,000 Job Cuts Despite Near Record Platinum Price

The platinum price in rand terms has risen just over 30% from a year ago, but despite that, Anglo American Platinum announced it will lay off 7,000 workers from its South African operations. This indicates just how much the company’s cost base has risen over a similar period to force it into such a major cost cutting exercise. Remains a long-term bearish story for mining in SA, and for the overall economy.