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BusinessLive reports that diversified mining house Sibanye-Stillwater has warned it might close unprofitable shafts this year if platinum group metals (PGM) prices do not pick up – a move that would lead to further job losses in the sector.
The group also expects overall PGM production from SA to dip slightly this year. The company said in its annual report, published on Friday: “SA producers have made significant efforts to cut costs and reduce capex spending while maintaining output. However, rising costs and a low basket price mean that the mines at the top of the cost curve are loss making. If the basket price does not improve this year it may become necessary to close out some unprofitable areas.” The PGM sector, the biggest employer in SA’s mining industry last year, shed about 10,000 jobs as mining houses recalibrated operations in response to plunging prices. Anglo American Platinum last year cut 3,700 jobs to reduce costs by about R5bn, while Sibanye-Stillwater let go of 2,600 workers at its PGM operations in SA and Impala Platinum slashed its workforce by 4,000 workers. Sibanye said it was positioning its PGM production profile to align with the longer-term market requirements, “while building up capability to service the requirements of the electrified vehicle market through participation in automotive battery value chains, particularly in Europe”.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive
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