World’s Largest Platinum Maker Anglo Platinum Announces 10,000 Job Cuts

The world’s biggest platinum producer Anglo Platinum has announced staggering job cuts. The company CEO Neville Nicolau said Anglo Platinum would cut up to 8,000 jobs in the first half of 2009, with up to an additional 2,000 jobs by the end of the year thanks to falling prices. The job cuts are mainly coming from mining positions. The company is doing fairly well with record earnings up to $1.7 billion in 2008 from 2007. See the chart below for earnings since 2004. The company said it would maintain expected production platinum levels to about 2.4 million ounces in 2009. Despite keeping production leveled with previous years to about 2.4 million ounces, Platinum demand has fallen because of slower consumer spending in this recession period so it is possible to see 2009 revenue dip for Anglo Platinum.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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  • ikcs

    world’s largest platinum company is from the country that has no known platinum mines…meanwhile, countries where the platinum comes from are exposed to chronic malnutrition and poverty…and I said to myself…what a wonderful world…

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