Amplats jobs bloodbath

Anglo American’s platinum business completed a restructuring at its South African operations that has so far resulted in the departure of about 2,800 workers.

The Johannesburg-based Anglo American Platinum announced cost-cutting measures in February that would impact 3,700 employees as plummeting metal prices squeezed earnings.

About three-quarters of those workers have left the company following a consultation, with the remainder expected to exit in the second half of the year, the company said in a statement on Monday.

The firm, known as Amplats, said first-half profit, excluding some one-time items, fell 18% to 6.5 billion rand ($324 million).

In a major shakeup for the platinum-group metals sector, Amplats is preparing to become a standalone company, with Anglo’s controlling interest to be distributed to its shareholders before the end of 2025.