Lonmin says 1,400 jobs already gone as part of cost-cuts plan

 
Caitlin Morrison
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LONMIN has already cut 1,400 jobs since announcing plans last month to reduce costs amid a slump in platinum prices, the company said yesterday.

The mining group, which announed a programme of shaft closures and lay-offs on 24 July, said at the time it planned to cut 6,000 workers. Consultations on the remaining job losses are proceeding according to schedule, Lonmin said yesterday.

Metals prices have dropped in recent months, hit by a slowdown in the Chinese construction sector.

Lonmin said it expects to eliminate 100,000oz per annum of high-cost production by the end of 2017.

Lonmin also announced yesterday the appointment of finance specialist Ron Series as an adviser.

Boss Ben Magara said: “This will enable our executive team to focus on running the business, cutting costs and ensuring the most efficient running of our operations.”