Impala Platinum reduced spending on new projects and company’s output targets after the price of the metal fell from a record last year.
Chief Executive Officer David Brown said:
Impala will produce 2.1 million ounces of platinum in 2012, 8.7 percent less than previously planned.
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Mining giant Anglo American has said it is to cut an additional 9,000 jobs as the global economic downturn hits demand for raw materials.
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Eastern Platinum Ltd said planned reduction in reserve development, which began late November, included temporary suspension of Crocette mine.
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Anglo Platinum (Angloplat) plans to trim production, a South African union official said.
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Lonmin Plc, the world’s third-largest platinum producer, may cut 1,500 permanent jobs at its Limpopo mine.
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Anglo American Plc, the world’s biggest platinum producer, may cut spending plans for next year by more than 40 percent, reduce platinum output and delay iron- ore projects as metals prices sink.
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The world’s third-largest platinum producer, may cut as many as 5,400 jobs, or about 17 percent of its workforce, after prices plunged.
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As many as 21 000 people employed by or dependent on income from the platinum mining and supplier industries could experience a body blow in the month ahead.
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Lonmin Plc will cut at least 50,000 ounces of annual output, halt expansion and reduce the workforce at its London headquarters after the metal plunged 64 percent.
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Monday, February 23, 2009
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