Mimosa Mining Company, a major platinum producer based in Zvishavane, Zimbabwe, has announced layoffs impacting 33 managerial and supervisory staff members.
The company cited declining global metal prices as the primary reason for the workforce reduction.
“Metal prices have been on a downward trend since April 2023 and remain depressed to date,” Mimosa said in a statement. “This has had a negative impact on cash flow and profitability.”
The company projects that these low prices will persist in the medium term, necessitating cost-cutting measures to ensure business viability. Mimosa outlined a multi-pronged approach that includes reduced capital expenditure, general cost reduction initiatives, and cash conservation efforts.
“It has also been necessary to review our staffing structures to optimize these, considering the prevailing environment,” the statement continued. “This has resulted in a staff rationalization exercise, which has affected 33 managerial and supervisory employees.”
Mimosa emphasized that they offered voluntary separation packages to 34 of the affected employees, with nine opting for early retirement. The company maintains that further staff reductions are not planned at this time.
While acknowledging the job cuts, Mimosa underscored the importance of its workforce. “People define who we are and are the primary source of our success,” the statement reads.
“We have engaged our employees in all the processes we have been implementing, in order to maintain morale and continue to achieve all our production targets.”
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