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lonminlogo thumb medium90 90Reuters reports that Lonmin would delay or reduce the number of jobs it had planned to cut as soaring palladium prices have boosted revenue, its chief executive said, ahead of a takeover by Sibanye-Stillwater.  

Higher prices for a basket of Lonmin's metals and a weaker SA rand helped the miner to an annual pre-tax profit in 2018, its first since 2013, and an operating profit of $70-million in the first half of its 2018/19 financial year.  This might allow Lonmin to deploy capital to develop new shafts where workers from old shafts could be moved, CEO Ben Magara indicated on Wednesday.  Mining shafts slated for closure in a 2017 plan would have meant 12,600 job losses in 2018, 2019 and 2020, but these job cuts could now be scaled back, he added.  "The job losses we anticipated may happen over a longer period - we may lose all of them or we may only lose half," Magara said.  He reported that Lonmin had cut 2,400 jobs in 2018 against a target of 3,700.  The target for job cuts this year has been revised down to 4,000 from 5 300.  Lonmin employs about 29,000 people.  Its takeover by Sibanye-Stillwater will create the world's second largest platinum producer.  The Competition Appeals Court will on Friday rule on a request by the Association of Mineworkers and Construction Union (Amcu) to block the deal.  Shareholders will vote on it on 28 May.

  • Read the full original of the Reuters’ report in the above regard at Mining Weekly

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