Zimplats did not say how many of the 8,000 permanent and contract jobs were targeted.

The shaft was forecast to produce an average of 54,000 platinum group metal ounces in 2024.

Weak platinum group metal prices are projected to last for the next 12 to 18 months.

South Africa has abundant supplies of raw materials vital for the manufacture of lithium-ion batteries.

"We don't want to be overly reliant on any one country or any one company for global supply chains," says US Deputy Treasury Secretary Wally Adeyemo.

Government says it’s considering how to handle offtake agreements that function as loans or investments by China in Canadian mining companies as it continues to clamp down on critical mineral transactions.

The nation’s platinum sector — which accounts for about 70% of global output — has been a key export industry.

Platinum demand surged 25% in 2023, seen down 6% in 2024.