Atlatsa Resources to cut 3,500 staff at Bokoni platinum operations
- Published on 1 Apr 2016
- HR Pulse News Desk
Atlatsa Resources is to cut more than half of some 6,101 employees at its Bokoni Mines operation in terms of a restructuring plan first announced in September.
It has also agreed to co-operate with plans by its joint venture partner Anglo American Platinum to divest of its 49% stake after accepting a R334m interest-free loan. The funds from the loan will cover Bokoni’s capital expenditure, operating and working capital expenses. As of 31 December, mining employees had been reduced to 5,613 from 6,101, a reduction of 8%, consisting of a 13.4% decrease in contractors and a 4.3% decrease in ‘own mine employees’.
Recognised unions agreed to the labour cuts following an agreement signed on 8 February. Said Atlatsa: “Mine management is currently engaged in a redeployment process post signature of the retrenchment agreement, after which, retrenchment of certain employees who cannot be redeployed could take place. The Restructure Plan targets a total labour complement of approximately 3,500 employees for Bokoni Mine”. The process would be completed by the second quarter of this year.
Source: SA Labour News
