September 24, 2017

Motsepe’s African Rainbow Minerals to retrench staff

Patrice Motsepe

South Africa’s African Rainbow Minerals ARM, whose Chairman is Patrice Motsepe, a billionaire who also owns a popular soccer club, Mamelodi Sundowns, has announced that it will be embarking on layoffs and cost cuts to sustain its operations, due to a 50% reduction in profit caused by lower commodity prices.

ARM, which has interests in platinum, iron ore, coal, copper and gold, said in a statement: “ARM has responded proactively to the commodity price downturn and has implemented operating and capital cost reduction initiatives at all its operations,” the company said in a statement.

ARM operates joint ventures with Anglo American Platinum [JSE:AMS], Assore [JSE:ASR], Impala Platinum [JSE:IMP], Glencore [JSE:GLN] and Vale.

Noncommittal on the specific number of jobs that would be on line, the company said it would cut jobs at its South African platinum mines Modikwa and Nkomati, Beeshoek iron ore mine and Khumani chrome mines.

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