A statement released on April 26th by a spokesperson for Impala Platinum, a South Africa-based producer of platinum and platinum group products, underlined that the rescheduling of work in the region could lead to the loss of workers while limiting costs.
The world's largest platinum supplier, mining companies have reportedly laid off thousands of workers, shelving expansion projects to preserve cash as metal prices plummet.
Impala Platinum reported that layoffs will occur due to the postponement of work, rising costs and the inability to adequately cover the impact of falling prices on the business.
Platinum dropped by 7% from January 2024 to April 2024, while palladium decreased by 10% since the beginning of the year. "This has significantly weakened Implats' financial position and we believe it threatens the future job security of the entire workforce," Implats CEO Nico Muller commented.
Moreover, the South African miners agreed that they were also affected by numerous local challenges such as power outages, state port and rail transportation problems.
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