Business
Strike prone Anglo American Platinum (Amplats) suffers huge losses in 2012
Tuesday, February 5, 2013
Chief financial officer Bongani Nqwababa said there is still “significant headroom to maneuver.”
In response to the rolling losses, the firm has decided to cut its investment program drastically.
“We have reduced our capital expenditure target for 2013 to 2015 by approximately 11 billion rand (US$1.2 billion) and for the next decade by 25 percent, to 100 billion rand (US$11.2 billion),” it said in a statement.
The company announced on January 15 that it would layoff 14,000 workers in a restructuring, but has stalled the process pending talks following an outcry from unions and the government.
Griffith said on Monday that “30 percent of those jobs are likely to be redeployed within the company.”
Copyright 2013 AFP
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