Platinum’s Worst Crisis in Decades Hits Jobs in South Africa
- Big four producers are battling sharp slump in metal prices
- Cost-cutting measures yet to include major production cuts
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South Africa’s platinum producers are in crisis, as slumping metal prices force jobs cuts and erode profits.
The nation’s platinum sector — which accounts for about 70% of global output — has been a key export industry and generates jobs for hundreds of thousands of people in a country with one of the world’s highest unemployment rates.