Retrenchments – As Zimplats institutes stringent measures to survive weakening PGM prices

by | Mar 1, 2024 | Business, Local News | 0 comments

Retrenchments – As Zimplats institutes stringent measures to survive weakening PGM prices

 

Business Reporter

 

Zimbabwe’s platinum producer, Zimplats, says it instituted a number of survival strategies with stringent measures to contain costs and preserve cash, largely as a result of soft metal prices.

 

Zimplats is a member of Implats of South Africa, which has already instituted measures to reduce spending across its business units to reflect current low PGM prices.

 

Reports indicate that Zimplats has since retrenched some employees as part of its stringent survival strategies.

 

The group’s half-year revenue to December 31, 2023, at US$372,8 million, was 32 percent lower than the prior-year comparative period as average US$ metal prices softened during the period.

 

This resulted in profit before income tax for the period at US$14,2 million, which was 94 percent lower than US$221,5 million recorded in the same period last year.