Impala Platinum Initiates Restructuring, Plans to Cut 3,900 Jobs Amid Falling Metal Prices

Impala Platinum, the world's second-largest producer of platinum, has announced a significant restructuring plan that involves the elimination of approximately 3,900 jobs. This decision is driven by a sharp decline in global prices for platinum group metals, as reported by South Africa's News 24.

CEO Nico Muller highlighted the severe impact of falling metal prices on the company's financial health, stating that these market conditions are jeopardizing jobs. This year, platinum prices have fallen by 7%, while palladium has seen a 10% decrease.

This restructuring move makes Impala Platinum the third major mining firm in South Africa to take such steps this year, following similar announcements from Sibanye-Stillwater and Anglo American Platinum, which are also grappling with the challenges posed by the current economic environment in the mining sector.