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Mimosa Implements Staff Reduction Amid Metal Price Slump

In response to a sustained downturn in metal prices, Mimosa, one of Zimbabwe’s leading platinum mining companies, has announced the retrenchment of 33 managers and supervisors. This strategic move comes as metal prices have experienced a significant decline of 35% since April 2023.

Out of the 33 affected employees, nine have chosen early retirement, while the remaining 24 have opted for voluntary separation packages. The decision to downsize was conveyed through a statement released by the company, emphasizing the need to adapt to the challenging economic environment brought about by the depressed metal prices.

Mimosa reiterated that, at present, there are no plans for further retrenchments among permanent staff. However, the company acknowledged the likelihood of metal prices remaining subdued in the medium term, prompting the need for prudent management of human resources.

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The retrenchment process reflects Mimosa’s commitment to maintaining operational efficiency and financial sustainability amidst market uncertainties. Despite the challenging circumstances, the company remains dedicated to supporting its workforce and ensuring responsible management practices.

The affected employees will receive comprehensive support and assistance throughout the transition period, including access to counseling services and job placement support where applicable.

Mimosa’s proactive approach underscores the dynamic nature of the mining industry and its responsiveness to external market forces. As the company navigates through this period of economic uncertainty, it remains steadfast in its mission to uphold operational excellence and prioritize the well-being of its employees.

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