Lonmin plans job cuts to be ‘more efficient’

Lonmin confirmed job losses could be part of the restructuring plans it will reveal to the market on November 18.

In a memorandum sent to trade unions in South Africa – which contains more than three-quarters of the world’s known reserves of platinum – Lonmin emphasised the dire situation the mining industry faces. It noted the “huge slowdown in sales in the car manufacturing ind­ustry and as a consequence ... a decreased de­mand in our product”.