Impala Platinum could cut nearly 4,000 jobs on PGM metals price rout

seekingalpha04-27

Impala Platinum (OTCQX:IMPUY) (OTCQX:IMPUF) said Friday it could cut 3,900 jobs as it restructures its South African operations to save costs and improve operational efficiency in response to plunging...

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The world's second largest platinum producer said a proposed restructuring could affect 9% of the labor workforce across its Rustenburg, Bakofeng and Marula operations as well as at corporate offices, while targeting a 30% reduction in head office costs. Platinum prices are down 7% and palladium has dropped 10% YTD, which has \"significantly undermined Implats' financial position, which in turn threatens future job security for the entire workforce,\" CEO Nico Muller said. Also, PGM miners in South Africa have been hit hard by inflationary costs, with the rand one of last year's worst performing currencies. 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The world's second largest platinum producer said a proposed restructuring could affect 9% of the labor workforce across its Rustenburg, Bakofeng and Marula operations as well as at corporate offices, while targeting a 30% reduction in head office costs. Platinum prices are down 7% and palladium has dropped 10% YTD, which has \"significantly undermined Implats' financial position, which in turn threatens future job security for the entire workforce,\" CEO Nico Muller said. Also, PGM miners in South Africa have been hit hard by inflationary costs, with the rand one of last year's worst performing currencies. Implats (OTCQX:IMPUY) (OTCQX:IMPUF) did not disclose whether the restructuring would impact production; in FY 2023 ended June 30, the Rustenburg site produced 1.2M PGM oz, or ~40% of group PGM output, while Bakofeng and Marula produced 507K oz and 241K oz, respectively. 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