Impala Platinum Could Shed Close to 4,000 Jobs Amid Price Rout

By Christian Moess Laursen

Impala Platinum could lay off around 3,900 workers to save costs and improve operational efficiency in response to a platinum price rout and persistent cost inflation ripping through the sector.

The South African miner--the world's second-biggest platinum producer--said Friday that a proposed restructuring could affect 9% of the labor workforce across its Rustenburg, Bakofeng and Marula operations, as result in a 30% reduction in head office costs.

The measures are aimed at optimizing operational efficiencies and resources, as well as to ensure that each of its business units contributes sustainably and profitably through the fluctuations of platinum-group metals cycles, it said.

The company, also known as Implats, cited sharply declining PGM prices and persistent inflationary pressures squeezing its profitability and cash flow, while global macroeconomic uncertainty and rising geopolitical tensions have added to its headwinds.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

April 26, 2024 06:48 ET (10:48 GMT)

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