Anglo American’s platinum division has successfully completed a restructuring of its South African operations, leading to the departure of approximately 2,800 employees.
In February, Johannesburg-based Anglo American Platinum (Amplats) announced a series of cost-cutting measures that would affect 3,700 workers, a response to plummeting metal prices that had significantly impacted earnings.
Following a consultation process, about 75% of the affected employees have already left the company, with the remaining departures expected to occur in the second half of the year, Amplats revealed in a statement on Monday.
The company also reported an 18% decline in first-half profit, excluding certain one-time items, to 6.5 billion rand ($324 million).
In a significant development for the platinum-group metals sector, Amplats is set to become a standalone entity. Anglo American’s controlling interest in Amplats will be distributed to its shareholders by the end of 2025.
Main Image: Bloomberg
