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A freight train passes Anglo Platinum’s Khomanani shaft 1 mine in Rustenburg, northwest of Johannesburg.
A freight train passes Anglo Platinum’s Khomanani shaft 1 mine in Rustenburg, northwest of Johannesburg.
(SIPHIWE SIBEKO/REUTERS)

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Anglo ups ante with aggressive platinum cuts

For once, Anglo American has delivered the goods. The restructuring unveiled by the embattled miner’s platinum arm on Jan. 15 was more aggressive than anticipated. Investors should applaud Anglo’s vigour in tackling Amplats’ poor performance. But fraught South African labour relations make it a high-risk, high-reward strategy. The tenure of incoming chief executive officer Mark Cutifani will be defined by his success in executing the plan he inherits.