Wesizwe Platinum to Cut 70% of Workforce Amid Project Delays
Wesizwe Platinum, a Chinese-backed company, announced it will lay off nearly 500 workers, approximately 70% of its workforce, at the Bakubung mine in South Africa. This decision comes as the company shifts from a phased development plan to a single-stage ramp-up for the delayed project. The Bakubung platinum project has faced numerous setbacks, including funding delays, Covid-19 disruptions, labor unrest, community protests, and a cyberattack. Originally planned to start with 1 million metric tons of annual production, the project will now aim for 3.5 million tons per year. The restructuring is necessary to align with the updated business plan, but no timeline has been provided for when production might commence.