SA platinum industry to cast-off nearly 145 500 jobs by 2015
Jul 30, 2013 174 view(s)
According to Peter Montalto, a research strategist at Nomura Groups “the country’s mining sector is passing from difficult situation due to increased labour cost, increased electricity prices and many other political and structural risks.” The mining industry are forced to get out of these loss. SA’s well established platinum industry is also under this pressure and is at a high risk in the near future.
The world’s top platinum producer “Anglo American Platinum” has declared their proposal to drop off the jobs from their South African mines. Compared to the probable industrial cost, if the platinum price increases to $1500 for the next two years, then there will be around 24k job cuts in the upcoming year 2014 and could even climb up to1.45k by 2015.
This proportion of the job loss will greatly affect the SA’s platinum output by 64 million ounces i.e. 14% of the total supply in the coming year and around 277 million ounces i.e. 59% of the total supply in 2015. However it is being predicted that the major job cut off would be held after the elections.
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