Today's Labour News

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Sibanye StillwaterBL Premium reports that Sibanye-Stillwater has announced that it will be investing R6.8bn in growth projects in its SA platinum group metals (PGM) and gold assets, thereby creating thousands of new jobs.  

Sibanye, the world’s largest source of PGM, said it was creating 7,000 jobs in SA through its programme, which would include a R3.9bn investment in finishing the partially built K4 mine it acquired when it bought Lonmin.  The second project is the Burnstone gold mine in Mpumalanga, which is fully built but needs to be replanned and re-equipped to change from the previous owner’s mechanised mining model to a more conventional, labour-intensive process.  The third project is an opencast PGM mine with a three-year life.  These investments appear to run contrary to Sibanye CEO Neal Froneman’s comments that the company would not spend large amounts of capital in SA.  He, however, pointed out on Thursday that these projects had been built by previous owners and Sibanye was merely finishing them off.  They all apparently have “extremely strong” profit metrics that make them viable.  “The projects we have approved are among the best in the industry due to specific characteristics, which enhance their attractiveness and supported the investment decision,” Froneman said. But, he went on to say:  “The commitment to invest approximately R6.8bn in the three major capital projects approved by the board should not be construed as a vote of confidence in the investment climate in SA.”

  • Read the full original of the report in the above regard by Allan Seccombe at BusinessLive (paywall access only)


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