Discussion | State of SA mining following Kumba Iron Ore's announcement of possible retrenchments
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- Опубликовано: 21 фев 2024
- Iron ore producer Kumba on Tuesday announced that 490 workers might lose their jobs.
The organisation also said contracts with service providers were being reviewed as the iron ore producer sought to cut costs by at least R2-point-5 billion this financial year.
The decision was taken in December to slash capital expenditure by $1-point-8 billion until 2026.
The situation is an outcome of the plunge in commodity prices.
In December, the company ditched plans to increase production in the face of the logistical constraints due to Transnet's crisis. If the company continues with its plan to retrench, it is feared that the looming layoffs will add to the existing unemployment crisis.
Mining analyst Peter Major joins us to discuss the Kumba retrenchments and the general state of the mining sector in South Africa.
For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.
SA you’re going to Zimbabwe way in our faces and be prepared to handle the situation bcoz you have a lot of arms available for the citizens to start a big uprising.
Viva ANC
They don’t want you foreigners to keep getting rich off their minerals. The jig is up.
i thought they already retrench you playing by cyrils tune just retrench. We need these small pains for long term gains as Cyril said but Cyril wont be in charge next time
Sorry to hear this news but ya’ll gotta VOTE DA 💙💙💙💙 on 29th May
The same DA that take says workers are paid more money, therefore thier salaries must be cut?
DA is untiworker and pro Capitalist
Vote UIM
The same DA that is saying workers are paid more wages, therefore worker's salaries should be cut😂
No ways.
DA is untiWorker and ProCapital
@@nuelphatlane7086 interesting. when and where did they say that? if they talking about government workers i would agree. during lockdown we all had to take a salary cuts and they got increases. that fair hey.
No we don't want ANC or the DA , ANC steals from us and the DA rob us.
so, who is going to gain that money from expenses?
To the masses who blindly follow the ANC - WAKE UP! South Africa 🇿🇦 is dipping below!!! 💀😟😟 it’s Feb 2024. Vote DA 💙 29th May 2024 💙💙 Vote DA 💙💙
Time to send Openheimer and Debeers packing, they funded one side in the Rwandan uncivil war.
Why didn't you fund the other side
@@AndrewMcFarlane_1 Ha ha ha go back to the Nigeria and speak your crap with Niga"s
They are packing up and your brothers and sisters are going to have no work due to dumbass like you voting for clowns
Do you have evidence to support this?
@@listenup2882 no they don't it's just the uneducated parrot that talks crap
The government can’t see the forest for the trees…
No, they don’t want you all to keep profiting from them. New owners are required.
Cape Independence! SA is lost.
Never
Banish governments from selling debt and competing for capital. Make them live within their own means for a change.
Over 100 years of building a round mining sector, destroyed by the ANC in 30 years.