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Sibanye-Stillwater carves away over 11,000 jobs in SA in 18 months

Details

Sibanye StillwaterBusinessLive reports that Sibanye-Stillwater has carved away more than 11,000 jobs from its workforce in the past year and a half, leaving a lasting mark on communities, families and the broader socioeconomic fabric, but setting the precious metals producer up for long-term sustainability.

“We have restructured the SA region to align with the reduced operating footprint following the necessary operational restructuring for greater regional sustainability and profitability and we are well positioned for ongoing shared value delivery,” CEO Neal Froneman said. Sibanye, whose costs are among the highest in the industry, said the closure of end-of-life shafts and restructuring of loss-making ones led to a reduction of total number of employees and contractors in SA from 81,500 at the end of 2022 to just more than 70,000 today, a 14% reduction. The latest job losses were at its Beatrix 1 shaft, where 1,241 people lost their jobs after two months of negotiations with labour. Sibanye said there would have been more jobs cuts over the past 18 months had it not been for the legally mandated consultations with union leaders. The consultations resulted in the implementation of agreed-upon retrenchment avoidance measures. “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 co-operative consultation with stakeholders, limited forced retrenchments to just 8% of total employees impacted since January 2023,” Froneman said.

  • Read the full original of the report in the above regard by Tiisetso Motsoeneng at BusinessLive

 

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