China-backed South African platinum project to cut 70% of workforce
Geopolitics · Kitco ·
Wesizwe Platinum will lay off nearly 500 workers, about 70% of its workforce, at its Bakubung mine in South Africa as it shifts from phased development to a single-stage ramp-up to 3.5 million tonnes per year. The Chinese-backed project, in development for roughly 15 years, has been delayed by funding shortfalls, COVID-19, labour unrest and a cyberattack. South Africa supplies more than 70% of the world's platinum, but new projects are increasingly rare amid the long-term threat from electric vehicles.