Amplats halves proposed cuts

May 10, 2013, 11:11 AM EDT
Anglo American scales back Amplats overhaul plan
AFP/Getty Images/STEPHANE DE SAKUTIN

Anglo American Platinum (Amplats) said it was halving the the number of jobs affected in a controversial restructuring of its business, to 6,000, and that it will keep open one of two mines it had proposed to close or sell. The world's largest platinum miner, which is 80% owned by Anglo American, also said it will take 250,000 ounces of the metal off the market in 2013 and an additional 100,000oz a year in the medium term. The revisions come after talks with government and labor union officials who opposed the scale of the orginaily proposed cuts that Amplats wanted to reverse its loss-making business.

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