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Anglo American Platinum Restructuring Could Affect Around 4,300 Jobs

By Elena Vardon


Anglo American Platinum said more than 4,300 jobs could be affected in a restructuring as it grapples with lower prices, rising costs and an uncertain outlook.

The South African precious metals company--which is majority owned by Anglo American--on Monday said that said that revenue for the year was 124.6 billion South African rand ($6.60 billion), compared with ZAR164.1 billion a year prior.

Adjusted earnings before interest, taxes, depreciation and amortization fell to ZAR24.4 billion from ZAR73.9 billion, it said. The dollar basket price per platinum group metals, or PGM, ounce sold was $1,657, compared with $2,551, due to the fall in palladium and rhodium metal prices.

The company declared a dividend of ZAR21.30 a share for 2023, down from the previous year's ZAR115 payout.

"Suppressed PGM prices, coupled with significant cost pressures and an uncertain outlook, require further intervention to ensure the long-term sustainability and competitive position of our operations," Chief Executive Craig Miller said.

The proposed restructuring could affect around 3,700 jobs across its South African operations as well as around 620 service providers or contractors, it said, adding that the final number will be decided once the consultation process concludes.

Anglo American Platinum employed more than 21,000 people at the end of 2022, according to its website.

In December, the group outlined a plan to lower production in 2024 as part of a move to save $1 billion in response to continuing market volatility.

"We are optimistic about the long-term demand for the PGMs we produce and the important role they play in creating a greener world," Miller added.


Write to Elena Vardon at


(END) Dow Jones Newswires

February 19, 2024 01:59 ET (06:59 GMT)

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