News: Lonmin confirms retrenchment of 6000 employees
Platinum mining company, Lonmin, who were chastised earlier this year, by an independent enquiry, for the Marikana massacre in 2012, will be setting out to cut its workforce by 6000- this is as reported on the Citizen.
On top of that, it will set out to raise US$400 million through a rights issue, as well as restructure debt so it can restore its balance sheet.
It's worth noting that Lonmin had previously made known the possibility of trimming, or rather slashing, its own workforce through voluntary retrenchments
and early retirement programmes.
According to an Eyewitness News
article, dated July this year, Lonmin had stated that, due to a restructuring programme in the interest of long-term investments, retrenchments
could very well be on the cards.
It stated on Wednesday 21st
October that it intends to go ahead with the programme – which it hopes to complete by the end of September next year.
In a recent statement, it was said that it will 'ensure that Lonmin is prudently structured to withstand the current weak PGM market and safeguard the long-term interests of the shareholders, employees and other key stakeholders,'
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