IMPALA RULES OUT JOB CUTS AT ZIMPLATS
Written by Panashe Madzinga on August 8, 2018
South African Platinum giant, Impala Platinum, which has a controlling stake in Zimplats is reportedly planning to slash about 13 000 jobs at its operations as part of its restructuring exercise.
However, there are no plans to cull its 5 942 workforce in Zimbabwe.
The restructuring which is estimated to cost the platinum about US$155 million will only affect its Rustenburg operations.
For the financial year ended June 30 2017, Impala Rustenburg brought in R14.6bn in revenue, but was also responsible for a R9.86bn loss.
Zimplats brought in R7bn in revenue and R576m in profit.
Impala Platinum controls 87 percent of Zimplats operation, which consists of four shallow mines and one open-pit operation.