Job cri­sis hits South African mines

India Business Journal - - GLOBAL WRAP-UP -

Gold Fields, one of

South Africa's most ven­er­a­ble min­ers, an­nounced plans to slash

1,100 jobs, or nearly a third of the full-time work­force last month at its loss-mak­ing South Deep unit. An­other 50,000 jobs were lost in the first quar­ter of 2018 com­pared to the year-ago pe­riod of 2017, with the sec­tor's con­tri­bu­tion to GDP now be­low 10 per cent. At their peak in the late 1980s, South Africa's mines em­ployed 760,000 peo­ple and con­trib­uted 21 per cent to GDP, ac­cord­ing to gov­ern­ment fig­ures. Due to mech­a­ni­sa­tion and as de­posits be­come harder to ac­cess prof­itably, the num­ber has fallen dras­ti­cally with just over 460,000 peo­ple work­ing in mines in 2017.

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