Published: 14 November 2013

Zanu-PF criticized Impala Platinum Ltd and Aquarius Platinum Ltd's plan to cut 100 jobs at their Mimosa operation in the southern African nation because of a decline in prices.

"The Zimbabwean mine must make its own decisions instead of the South Africans coming here and deciding how to cut their costs," Zanu-PF spokesman Rugare Gumbo told Bloomberg by phone.

Expenses at Mimosa rose 23 percent in the year ended June 30, Johannesburg-based Impala, said in an August 29 statement.

Management at the mine, where platinum-group metal output rose 3.3 percent to 217,872 ounces, wants to start a voluntary job-cut program as part of plans to reduce costs, Mr Winston Chitando, chairman of the operation, said in a November 9 e-mail. The price of platinum has dropped 8.6 percent in the past 12 months.

"We understand that the South African shareholders, as a result of strikes in their country, want to cut their costs by cutting jobs here at Mimosa," Mr Gumbo said.

Mr Chitando said the mine's management met with Minister of State for Midlands province Jason Machaya where the Mimosa operation is located.

He declined to provide more detail about the meeting. Mimosa is near Zvishavane, 299 kilometers southwest of Harare.


- Bloomberg

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