Today's Labour News

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Sibanye StillwaterBusinessLive reports that Sibanye-Stillwater has so far weathered the strike that commenced at its local gold mines on 21 November 2018 fairly well.  

Sibanye’s planning for the labour action means its 2018 gold production is expected to be only slightly below the lower end of its guidance of 35,000kg.  The mines saved on labour costs due to the no-work, no-pay principle.  More importantly, revenues at Sibanye’s platinum group metals operations thrived thanks to higher prices.  Lenders too have agreed to retain the upper limit of the company’s revolving credit facilities until the end of the year on the same terms as before.  CEO Neal Froneman called this "a vote of confidence in the fundamental outlook for the group", which "provides sufficient financial flexibility".  Sibanye’s ability to weather the gold strike is said to stem from the fact that it is actually no longer an SA gold mining company as it has diversified out of gold and out of the country.  The striking union, the Association of Mineworkers & Construction Union (Amcu), resolved on Monday to increase pressure on the company by extending the strike to its platinum operations.  But, Sibanye said Amcu’s decision to extend the strike would not prompt a higher wage offer.  The company also says the wider strike won’t affect its acquisition of platinum miner Lonmin, but Amcu has at least delayed it with an appeal against the Competition Tribunal’s approval of the merger.

  • Read Lisa Steyn’s detailed report in full at BusinessLive

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