Task team to look at Impala Platinum restructuring

Thursday, August 2, 2018

A task team has been established to consider in greater detail Impala Platinum’s restructuring plans, which could result in thousands of job losses.

The task team will be led by Department of Mineral Resources Director-General, Advocate Thabo Mokoena.

“Government is of the view that as far as possible, retrenchments should be considered only as a last resort, after all other possible options have been considered,” Mokoena said.

On Thursday, Implats announced that its Board of Directors has approved the next phase of the implementation of Impala Rustenburg’s strategic transformation.

“This followed the recent completion of a strategic review aimed at restoring the Impala Rustenburg operation to long‐term sustainability and profitability,” the company said.

Implats’ strategic transformation will be implemented over a two-year period. Its mining footprint will be reduced from 11 to six operating shafts.

The total labour complement, which includes employees and contractors, will be reduced from a team of around 42 000 in the financial year of 2017 to 27 000.

“The only option for conventional producers today is to fundamentally restructure loss-making operations to address cash-burn and create lower cost, profitable businesses that are able to sustain operations and employment in a low metal price environment,” Implats CEO Nico Muller said. – SAnews.gov.za

Most Read

SA News on Facebook