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South African Platinum Giant Cuts 10,000 Jobs

South African mining firm AngloPlatinum has decided to cut 10,000 jobs in response to falling metal prices and crumbling demand in the world auto industry.

Company CEO Neville Nicolau made the job-slashing announcement Monday in Johannesburg.

Some 8,000 contract workers, many of them South African miners, will be let go during the first half of the year. An estimated 2,000 staff members who are retiring will not be replaced.

Platinum, which was trading as high as $2,000 an ounce last year, fell to $981 an ounce in London markets.

Platinum is used in jewelry, electronics and in the catalytic converters of cars to filter out harmful engine emissions like carbon monoxide.

Some information for this report was provided by AFP