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Lonmin to cut 4,100 workers on closing South African platinum operations

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Lonmin to cut 4,100 workers on closing South African platinum operations

Lonmin PLC intends to cut 4,100 workers at six of its South Africa platinum mining operations that have run out of commercially viable ore, Bloomberg News reported.

A spokesperson said the miner began a process to carry out the reductions, part of a long-term plan to trim staff and lower costs at its deep-level operations. In 2017, Lonmin unveiled plans to reduce its workforce by 12,600 over three years.

This comes despite a recent Reuters report that Lonmin will reduce or delay planned job cuts in South Africa ahead of its Sibanye Gold Ltd. tie-up due to a boost in revenue on higher palladium prices and a weaker South African rand.

Lonmin shareholders will vote on Sibanye's proposed acquisition, which entitles Lonmin shareholders to 1 Sibanye share for every share owned. Sibanye confirmed May 20 that the all-share deal is final and will not be increased.