Samancor explores restructuring, job cuts amid ‘drastic’ chrome price decline

Samancor Chrome has provisionally decided to restructure its mining and smelting operations in a move that will reduce staff and production levels due to the deteriorating chrome markets and rising power costs, Fastmarkets has learned.

South Africa’s largest ferro-chrome producer wrote to employees and unions on Friday January 17, in letters seen by Fastmarkets, warning that it had made the provisional decision to restructure and reduce mining and smelting staff due to a “drastic” decline in chrome ore and ferro-chrome prices, especially over the past three months.
A Samancor spokeswoman confirmed to Fastmarkets on Monday that Section 189 notices - a South African legal requirement representing an intention to retrench staff - were issued after first exploring a range of alternative options.

“We can confirm that continued deterioration in...

Published

Janie Davies

January 20, 2020

14:40 GMT

London