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Saturday, 29 November 2008

Mine Watch (RSA)

Another victim of the global slow down. The world's third largest platinum producer, Lonmin has announced the plans to cut a total of 4,000 jobs in South Africa due to the worsening global economic climate. Lonmin has blamed the cuts on a drop in demand for platinum from car makers, the biggest user of the metal, which has sent platinum's price diving by more than 40 percent this year.

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