South Africa’s China-backed miner Wesizwe Platinum Limited will cut nearly 70% of its workforce at its flagship operation as it restructures one of the country’s most delayed mining developments.

The company said about 497 jobs will be affected at the Bakubung Platinum Mine, reducing headcount from 706 employees as it shifts from a phased development model to a single-stage production ramp-up.

The restructuring underscores mounting pressure on the JSE-listed miner as it attempts to stabilize a project that has struggled to meet timelines for more than a decade.

From phased expansion to full-scale ramp-up

Wesizwe said the original phased production plan—starting at 1 million tons annually—has been abandoned in favor of a direct ramp-up to 3.5 million tons per year.

The revised strategy, the company noted, requires a leaner operating structure and fewer employees to align with its updated production and cost assumptions.

The Bakubung project has faced repeated setbacks linked to funding constraints, pandemic disruptions, labour unrest, community protests, and a cyberattack that disrupted operations.

China-backed investor pressure and long delays

The miner, backed by Chinese investors including China-Africa Jinchuan Investment, has spent roughly 15 years developing Bakubung without reaching full commercial output.

Management said maintaining the current workforce would be financially unsustainable under the revised mine plan.

The restructuring reflects broader challenges facing new platinum group metals (PGM) projects in South Africa, where capital intensity, infrastructure delays, and labour volatility continue to weigh on execution.

Strategic reset in South Africa’s platinum sector

South Africa still accounts for more than 70% of global platinum supply, but new developments remain scarce as producers prioritize cost discipline over expansion.

For Wesizwe Platinum Limited, the shift marks a high-stakes reset aimed at salvaging value from one of the country’s most closely watched mining projects.

Whether the single-stage ramp-up succeeds will determine not only the future of Bakubung Platinum Mine, but also investor confidence in long-delayed platinum megaprojects across the region.