By: Natasha Archary
Impala Platinum Holdings Limited (Implats) has entered Section 189 consultations at its South African operations.
In a statement issued on Friday, 26 April Implats says a number of factors including the pricing of platinum declining sharply over the past year.
“Platinum group metal (PGM) pricing has declined sharply since the start of 2023, which together with persistent inflationary pressures on input costs has resulted in significant pressure on profitability and cashflow across the entire PGM sector, our operations included.
Global macroeconomic uncertainty and rising geopolitical tensions present additional downside risks to industry sustainability.
As a result of these pressures, the Group has assessed and revised its business planning parameters and contemplated various measures to optimise operational efficiencies and resources.
Cost-saving, capital-deferment and voluntary labour-reduction initiatives to date have not sufficiently offset the impact of persistently lower prices. This has significantly undermined Implats’ financial position, which in turn threatens future job security for the entire workforce. Implats management therefore considers it necessary to commence the Section 189(3) process.
It must be emphasised that Implats is committed to a fair and transparent consultation process. No final decision has been taken regarding the proposed restructuring, and no final decision will be taken prior to full and proper consultation with affected employees, and their representatives, in compliance with the LRA. During the consultation process, all viable alternatives suggested to job losses will be considered.”
Implats has embarked on a Section 189 consultation process at its South African operations. pic.twitter.com/V3GzOE4naA
— Implats (@Implats) April 26, 2024
The Section 189 consultations at Implats could potentially affect approximately 3 900 positions, equating to a 9% reduction in labour across the Group’s Rustenburg, Bafoken and Marula operations.
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