In February 2024, Anglo American Platinum announced it would lay off up to 3,700 workers due to inflation and operational challenges in South Africa's mining industry.

On April 26, Impala Platinum (Implats) revealed plans to consult with unions about dismissing around 3,900 workers in South Africa. The firm advanced the same reasons as its South African rivals who also laid off thousands of people since the year began. 

“Platinum group metal (PGM) pricing has declined sharply since the start of 2023, which together with persistent inflationary pressures on input costs has resulted in significant pressure on profitability and cashflow across the entire PGM sector, our operations included,” commented Nico Muller, CEO of Implats.

These job cuts will reduce the workforce by 9% across three of Implats’ SA mines–Rustenburg, Bafokeng, and Marula–as well as its headquarters.

Other mining companies like Anglo American Platinum and Kumba Iron Ore have also downsized due to cost pressures.  According to Wilma Swarts, director of the platinum group metals division at Metals Focus, cited by Investing News Network (INN), over 50% of platinum mines in South Africa are currently operating at a loss due to PGM prices.

The layoffs in the mining sector are expected to worsen South Africa's high unemployment rate, exceeding 30%. The industry, employing around 476,000 workers, is facing significant challenges.