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5 years ago
Amplats overhaul is not a reprisal, CEO says
January 15, 2013 / 8:34 AM / 5 years ago

Amplats overhaul is not a reprisal, CEO says

LONDON, Jan 15 (Reuters) - Anglo American Platinum called on unions to act responsibly in response to a planned overhaul of the group that will cut production and close mines.

"This is not a reprisal, for example, against the strikes at the end of last year. This process started at the beginning of 2012 and it was to address the fundamental and structural changes to our business that have made our operations unprofitable," Anglo American Platinum Chief Executive Chris Griffith said on a conference call.

"This not a knee-jerk reaction to unions, this is not a short-term response to an economy that may improve in a month or two's time. The company has to take these drastic and significant actions to save the company and the employment of an additional 45,000 people."

The overhaul plan is expected to cost 3.2 billion rand ($367.4 million), a total to be incurred in 2013, with most of that to be spent on retrenchment costs.

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