LonMin – London Mining Company to cut 1,000+ jobs in South Africa
(000228.79-:E-000157.73:N-:R-SU:C-30:V)
[More signs of things not going well in South Africa where we are really struggling. Jan]
Platinum miner Lonmin plans to cut over 1 000 jobs before Christmas, Solidarity union said on Monday, due to persistently low commodity prices and rising costs.
“Because of these cost pressures, Lonmin has decided to place a number of its marginal shafts under care and maintenance and that is the reason why the 1 139 workers will be affected,” Solidarity, which represents mainly skilled workers, said.
London-listed Lonmin, whose mines are all in South Africa, is also battling a strengthening South African currency and numerous operational issues.
Source: https://www.moneyweb.co.za/news/companies-and-deals/lonmin-to-cut-over-1-000-jobs-in-sa-solidarity/
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