ANGLO PLATINUM LAYOFFS HUGE JOB CUT: 10000 emloyees to be fired in 2009

Anglo Platinum Layoffs
The world's biggest platinum miner- Anglo Platinum- has said that it will cut 10000 jobs in 2009. The proposed job cuts will be made by firing contractors and not hiring anyone in place of departing staff.

anglo Platinum layoffsReasons for Anglo Platinum Job Layoffs
Anglo Platinum has reported a 5% drop in operating profit amid higher costs and lower sales. Platinum prices have fallen over 50% from its record peak. With signs of deflation in 2009-2010, the South African Mining group Anglo Platinum has forecast a virtually flat 2009. The job cuts are measures to cut down costs and tackle global slowdown. Anglo American

London based mining giant - Anglo American - has a majority stake in the Anglo Platinum.

sources: BBC,

Feb 10, 2009

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