Amplats cuts jobs to save costs as it readies for spin-off
2024.07.22 03:06
JOHANNESBURG (Reuters) -Anglo American Platinum (Amplats) has cut about 3,700 jobs to reduce spending ahead of a planned demerger from its parent company, it said on Monday.
The Johannesburg-based producer of platinum group metals (PGMs) is being spun off from Anglo American (JO:), which has embarked on a wider restructuring plan to combat a takeover bid from BHP Group (NYSE:).
Amplats said it is on course to meet its cost-saving target as part of the restructuring announced this year.
“The opportunities before us as a stand-alone company are both numerous and exciting,” Chief Executive Craig Miller said. “The planned demerger will create a more focused, independent global leader in the PGM industry.”
The platinum producer’s profit dipped 18% to 6.5 billion rand ($355.4 million) in the six months to June 30 and it declared a dividend of 9.75 rand per share, amounting to a total of 2.6 billion rand, in the first-half.
($1 = 18.2898 rand)
