BL Premium reports that Sibanye-Stillwater has cut its Marikana workforce by 4,775 jobs, fewer than it flagged when it started the restructuring process late in 2019.
Sibanye bought the financially distressed Lonmin in June 2019 and in September said it would cut up to 5,270 jobs at those assets. On Thursday, Sibanye, now the world’s largest source of six platinum group metals (PGMs), said it had reduced the workforce at the assets, collectively renamed Marikana, by 4,775. “We are pleased with the outcome of the consultations with stakeholders, which despite the necessary closure of some end of life shafts, resulted in the preservation of a number of jobs. This will result in a more sustainable business, which will secure employment for the majority of the Marikana workforce for a much longer period,” Sibanye CEO Neal Froneman said. Sibanye employs more than 80,000 people at its PGM and gold mines in SA, with the PGM mines employing 45,000 people after the job cuts. Of the job reductions unveiled on Thursday, 1,142 positions were cut by forced retrenchments and the termination of 1,709 contractor positions. A further 1,612 people opted for voluntary severance packages, with the balance coming from retirement and natural attrition. Sibanye managed to temporarily avoid cutting 329 jobs by extending reclamation work at Shaft 1B to the end of 2020. It transferred 166 employees to other positions within the company.
- Read the full original of the report in the above regard by Allan Seccombe at BusinessLive (paywall access only)
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