Sibanye-Stillwater on Friday said it had “significantly reduced” the number of job losses from the restructuring of its South African platinum group metals (PGM) operations after deferring the closure of one of its mature shafts.
South African PGM miners produce about 70% of global mined platinum output from some of the world's oldest and deepest mines, which are expensive to operate. They are restructuring unprofitable production after a steep fall in PGM prices.
Sibanye said about 2,000 workers left the company through voluntary separation, early retirement and termination, fewer than the potential 4,095 job cuts the miner announced in October as it embarked on restructuring its four loss-making shafts.
About 467 workers had also been removed from the payroll due to natural attrition since September 2023, the miner said.
As a result of consultations with various parties, including labour unions, Sibanye will continue operating the 4 Belt (4B) shaft at Marikana on condition it does not run up net losses monthly. The shaft employs 1,496 permanent workers and 54 contractors.
Sibanye reduces planned job cuts after deferring shaft closure
Image: MARIANNE SCHWANKHART
Sibanye-Stillwater on Friday said it had “significantly reduced” the number of job losses from the restructuring of its South African platinum group metals (PGM) operations after deferring the closure of one of its mature shafts.
South African PGM miners produce about 70% of global mined platinum output from some of the world's oldest and deepest mines, which are expensive to operate. They are restructuring unprofitable production after a steep fall in PGM prices.
Sibanye said about 2,000 workers left the company through voluntary separation, early retirement and termination, fewer than the potential 4,095 job cuts the miner announced in October as it embarked on restructuring its four loss-making shafts.
About 467 workers had also been removed from the payroll due to natural attrition since September 2023, the miner said.
As a result of consultations with various parties, including labour unions, Sibanye will continue operating the 4 Belt (4B) shaft at Marikana on condition it does not run up net losses monthly. The shaft employs 1,496 permanent workers and 54 contractors.
Miners blame South Africa’s ‘structural challenges’
Two other shafts, Rowland and Siphumelele, which have experienced operational and geological challenges, “have been repositioned for sustainable levels of production at a lower cost structure”, Sibanye said.
The Simunye shaft, which ceased production in 2023, has been closed.
Sibanye has forecast a 91% fall in annual profits for 2023 due to the decline in PGM prices.
Peer Anglo American Platinum has announced plans to cut 3,700 jobs after its profit plunged 71% last year, while Impala Platinum is also offering voluntary job cuts to workers.
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