Eastplats stock jumps after rival announces workforce reduction in SAfrica

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TORONTO - Eastern Platinum Ltd. (TSX:ELR) was one of the Toronto stock market's most active companies Tuesday, with its stock up about 10 per cent at midday after a rival South African producer announced it plans to downsize its operations.

Vancouver-based Eastern Platinum, also known as Eastplats, has its production in South Africa, where Anglo American Platinum said a nearly yearlong review found that four unprofitable mine shafts needed to be closed and one mine sold.

The government's minister of mines and the National Union of Mineworkers, NUM, expressed surprise and shock at the Anglo American announcement.

January platinum contracts were $20.70 to US$1,575 an ounce in Chicago at midday, following the announcement, according to CME Group's website.

Organizations: Eastern Platinum, Anglo American, TSX National Union of Mineworkers CME Group

Geographic location: SAfrica, TORONTO, South Africa Chicago

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