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Platinum miner Lonmin to cut over 1,000 jobs in South Africa- union

Reuters - UK Focus

LONDON, Oct (Shenzhen: 000069.SZ - news) 23 (Reuters) - Platinum miner Lonmin (Berlin: 30318982.BE - news) plans to cut over 1,000 jobs before Christmas, South Africa's Solidarity union said on Monday, due to persistently low commodity prices and rising costs.

"Because of these cost pressures, Lonmin (LSE: LMI.L - news) has decided to place a number of its marginal shafts under care and maintenance and that is the reason why the 1,139 workers will be affected," Solidarity, which represents mainly skilled workers, said.

London-listed Lonmin, whose mines are all in South Africa, is also battling a strengthening South African currency and numerous operational issues.

(Reporting by Zandi Shabalala; Editing by Susan Fenton)