AngloPlatinum: removal of 10,000 jobs

The crisis goes on to wreak havoc, affecting first of all raw materials, particularly those within the automotive manufacturing process.

Is no exception, the South African AngloPlatinum, the largest producer of platinum, has announced that it would eliminate 10,000 jobs across the world.

Main factors explaining such a decision by the CEO of the firm: the fall in the deck collapse in demand from the automobile sector. "The economic crisis affects us and influenced our strategy in the medium term," he explained. As a reminder, this precious metal is mainly used in catalytic converters for cars.

In detail, 8,000 positions will be eliminated during the first semester will cover the majority of contractors. The other 2000 cuts will take place in the second half. In total, these job cuts represent 13% of 77,000 employees and contractors of the company.

The price of platinum, which collapsed about 2000 to 800 dollars per ounce last year, has stabilized slightly below $ 1,000 since the beginning of the year.

After being divided by three since May 2008 it experienced a renewed interest since October.

Silver, platinum and palladium have surged last week to levels seen since the months, driven by higher gold price. Remember that platinum has the particularity to be even more expensive than gold. ( Source: All Forex News of Today )