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Amplats to cut more than 400 jobs as platinum prices sink

Jun. 23, 2015 2:19 PM ETAnglo American plc (AAUKF) StockAAUKY, AAUKF, AGPPF, ANGPYBy: Carl Surran, SA News Editor
  • Anglo American's (OTCQX:AAUKF, OTCPK:AAUKY) platinum unit in South Africa plans to cut more than 400 management jobs in response to platinum prices that have tumbled to six-year lows, hurt by a surge in supplies that stems in part from the South African currency’s sharp depreciation against the U.S. dollar.
  • Amplats already is trying to dispose four of its platinum mines, three mines at Rustenburg and one at Union, most likely through an IPO whose announcement is expected within days.
  • Barclays analysts say the proposals are “a sign that Anglo Platinum is [finally] facing the reality of a sustained period of depressed prices," but the company is moving cautiously with restructuring plans because of the potential for further labor unrest in South Africa after stirring controversy when it cut thousands of jobs in 2013 in a previous restructuring.

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