Timeline: Amplats restructures, shedding mines and 14,000 jobs

Tue Jan 15, 2013 11:18am EST

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(Reuters) - Here is a look at troubles at Anglo American Platinum, also known as Amplats, the world's top platinum producer, after it said it would mothball two South African mines, sell another and cut 14,000 jobs.

Amplats is 80 percent owned by Anglo American.

July 22, 2012 - Neville Nicolau announces his resignation as chief executive at Amplats.

August 16 - Police shoot dead 34 miners at a platinum mine owned by Amplats competitor Lonmin, the worst unrest of weeks of labor violence across the industry in which at least 50 people are killed.

September 12 - Amplats halts operations at five mines in the Rustenburg area over safety concerns, after staff down tools and threaten non-strikers with violence.

October 5 - Amplats dismisses 12,000 workers, or two fifths of its workforce at Rustenburg, in an attempt to halt a wave of illegal strikes.

October 26 - Cynthia Carroll quits after more than five years as chief executive of parent firm Anglo American. She also steps down as chairwoman of Amplats and diamond company De Beers. According to analysts, under Carroll Anglo lost one third of its value on a U.S. dollar market capitalization basis and is now worth $25 billion less.

October 27 - Workers reach a deal with Amplats to reinstate the 12,000 miners sacked for illegal striking.

December 14 - Amplats says it loses 235,000 ounces of production, worth $380 million at current prices, to illegal strikes at several of its South African mines.

January 15, 2013 - A day after warning of a full-year loss, Amplats announces a restructuring including cutting output by around a fifth or 400,000 ounces. It also says it will mothball two mines, sell a third and cut 14,000 jobs.

(Reporting by David Cutler, London Editorial Reference Unit; editing by David Stamp and Peter Graff)

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