Mining – Anglo American and Lonmin to cut 12,000 jobs

Two London-listed mining groups are to slash up to 12,000 jobs as commodity prices slump to levels last seen during the global recession of 2008-09.

Platinum producer Lonmin plans to shut or mothball several mine shafts, putting 6,000 South African jobs at risk. Platinum prices have hit a six-and-a-half-year low, while power and labour costs in South Africa have increased sharply.

Anglo American is also cutting 6,000 jobs and stepping up a cost-cutting programme, after slumping to a first-half loss due to the rout in metal prices.

Chosen excerpts by Job Market Monitor. Read the whole story at Anglo American and Lonmin cut jobs amid commodity slump | Business | The Guardian.