Implats’ Zimbabwe unit plans voluntary job cuts to contain costs
Impala Platinum's Zimbabwean unit is offering staff voluntary redundancy packages to cut costs because of anemic metal prices.
Weak platinum group metal prices are projected to last for the next 12 to 18 months, Zimplats Chief Executive Officer Alex Mhembere said in a staff circular dated March 18 that was confirmed by the company. The producer is beginning"a voluntary retrenchment exercise for all employees wishing to be considered," which may"mitigate the need for a compulsory retrenchment," the circular said.
Impala, known as Implats, and its PGM mining peers have already cut thousands of jobs in neighboring South Africa – which accounts for about 70% of global platinum output. The four largest producers have all recently released sobering earnings reports, with profits battered by a sharp slump in metals prices since the start of last year.
“We have been working with all teams across the board in implementing various cost containment and cash preservation programmes,” Mhembere said. “I am confident that as a team we will successfully navigate through the headwinds.”Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day.
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