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Implats to Cut 13,000 Jobs and Reduce Shafts to Stem Losses

  • Miner says positioning company for survival amid low prices
  • Shares rise, paring year’s drop to 38% after platinum slump
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Impala Platinum Ltd. will cut about 13,000 jobs and close or sell shafts as the world’s second-largest producer takes unprecedented steps to stem losses at its struggling Rustenburg mining complex in South Africa.

Implats, as the company is known, is embarking on a restructuring plan that will reduce the labor force at Rustenburg to 27,000 employees and contractors and shrink the number of operating shafts from 10 currently to six. Implats is focusing on newer, lower-cost shafts as platinum prices hover near a decade-low and has spent months on a review of Rustenburg, a sprawling complex where only three of the shafts were making money as of March.