Platinum rises after Amplats move Too bad about jobs lost, but nice draw for Colossus
Platinum rises after Amplats move
Singapore - Spot platinum rose as much as 1.6% to a three-month high of $1 680.5 an ounce on Tuesday after the world's top platinum producer Anglo Platinum [JSE:AMS] announced plans to close four shafts and sell its union mine.
The metal, used to mainly produce jewellery and catalyst converters for diesel-powered vehicles, regained a premium over gold for the first time since March 2012
Amplats closes shafts, 14 000 jobs to go
Johannesburg - Anglo Platinum [JSE:AMS], the world's top platinum producer, said it will indefinitely close four of its shafts in South Africa's platinum belt and sell its Union mine, as part of a sweeping reorganisation of its struggling business.
The company also said in a strategic review released on Tuesday the reshuffle will lead to 14 000 job cuts, which it hopes to eventually replace with a similar number of new positions.