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Business Report writes that gold and platinum-group metals (PGMs) miner Sibanye-Stillwater expects to report an attributable loss of R265m for the six months ended 30 June, compared with a R77m profit for the six months ended 30 June 2018, mainly as a result of a strike at its SA gold operations.
The Association of Mineworkers and Construction Union (Amcu) led the five-month strike that ended on 17 April 2019. The producer said on Tuesday that the strike had affected the entire six-month production period to June. The gold operations of Driefontein, Kloof and Beatrix mines ground to a halt on 21 November when at least 15,000 Amcu members downed tools to demand higher wages despite the company having signed agreements with three other unions. Amcu is currently demanding a R17,500 monthly salary at the company’s platinum operations. The group said a R502m increase in mining tax due to increased profitability of the PGM operations, the R387m restructuring costs from the SA gold operations and other strike costs of R374m had also hurt the company. In June Sibanye said that about 3,450 employees would be affected by the restructuring at the gold operations. It indicated that voluntary separations, early retirements and natural attrition accounted for the bulk of the affected jobs, with forced retrenchments limited to approximately 800 employees and 550 contract workers.
- Read the full original of the above report by Dineo Faku at Business Report
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