Fin24 reports that precious metals producer Sibanye-Stillwater announced on Tuesday it had cut about 2,000 jobs from its gold operations, roughly half the number of positions that were on the line in the latest round of talks.
Further to previous restructuring concluded during 2023 and the first quarter of 2024, the group announced in April that about 4,000 employees and contractors could potentially be affected in the latest round. It advised on Tuesday that 111 employees had been retrenched and 1,130 contractors affected, with 629 employees taking voluntary separation packages and early retirement. A further 116 positions were cut through natural attrition, while 448 employees accepted transfers. As of the end of 2023, Sibanye's SA gold operations employed about 28,000 people, with just over 6,000 of these being contractors. The group also said on Tuesday that consultations had resulted in an agreement that mining operations at its Beatrix 1 shaft in the Free State would continue on condition that there were no net losses on an average trailing three-month basis from 1 June. Beatrix 1 shaft currently employs 422 employees and 100 contractors. "It is extremely encouraging that the restructuring efforts undertaken in the SA region have not only successfully and proactively addressed loss-making operations thereby securing the benefits and value they continue to bring to multiple stakeholders, but through cooperative consultation with stakeholders, limited forced retrenchments to just 8% of total employees impacted since January 2023," CEO Neal Froneman indicated in a statement.
- Read the full original of the report in the above regard compiled by Karl Gernetzky at Fin24
- Read too, Sibanye-Stillwater throws lifeline to Free State gold mine, at Miningmx
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