STAFF REPORTER
The platinum miner, Mimosa Mining Company has made the decision to lay off supervisors and senior managers in order to stay afloat in the face of falling global metal prices.
In a media update yesterday, Mimosa said: “Metal prices have been on a downward trend since April 2023 and remain depressed to date. The metal prices have decreased by up to 35 percent during this period and this has had a negative impact on cash flow and profitability.
“The outlook is that the prices will remain depressed in the medium term. In view of this, we have had to implement several measures to ensure that our business remains viable in the low-price metal environment.”
Mimosa said the measures include capital expenditure curtailment, cost reduction and cash conservation initiatives.
“It has also been necessary to review our staffing structures to optimise these, considering the prevailing environment. This has resulted in a staff rationalisation exercise, which has affected 33 managerial and supervisory employees,” it said.
“A voluntary separation package was offered to 34 of these employees while nine opted for early retirement. No further rationalisation of the permanent staff complement is planned at this stage.”
The company, however, noted that people remain the most important part of the business and said its workers have been engaged about the whole issue.
“People define who we are and are the primary source of our success. We have engaged our employees in all the processes we have been implementing, in order to maintain morale and continue to achieve all our production targets,” read the statement.
