Implats warns it could cut nearly 4 000 jobs, eyes 30% reduction in head office costs

Impala Platinum, the world's second-largest platinum producer, said on Friday it has entered into retrenchment talks that could affect 3 900 jobs.

This would equate to a 9% cut in labour across its Rustenburg, Bafokeng, as well as Marula operations. It is also looking to cut corporate jobs as it looks to reduce head office costs by 30%.

"Platinum group metal (PGM) pricing has declined sharply since the start of 2023, which together with persistent inflationary pressures on input costs has resulted in significant pressure on profitability and cashflow across the entire PGM sector, our operations included," CEO Nico Muller said in a statement.