Amplats restructuring could cost SA thousands of mining jobs

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Anglo-American Platinum says it plans to cut thousands of jobs at its mines in South Africa after its profits plunged by 71% last year.

The Anglo-American unit says in a statement that it is embarking on a restructuring that could affect about 3 700 jobs at its South African operations as it battles to keep the lid on costs amid falling platinum-group metals prices.

The miner is also reviewing contracts with 620 service providers, says Amplats.

Anglo American Platinum Limited is a global mining company, which produces platinum group metals (PGMs).

The Company is a producer of copper, nickel, platinum group metals, diamonds, through De Beers, and premium quality iron ore and steelmaking coal with crop nutrients in development.