Cape Town – Sibanye-Stillwater preserved the employment for 3282 people and secured over 60 000 jobs in South Africa through its restructuring. This saw over 36000 contractors displaced, according to Neal Froneman, miner’s Chief Executive.
“The decision to restructure was not taken lightly, but it is pleasing to note that we have managed to ameliorate job losses through the consultation process,” Froneman said in a statement on Tuesday.
“We preserved employment for 3282 people, while ensuring the sustainability of our remaining operations and thereby securing over 60 000 jobs in South Africa.”
This has followed a formal restructuring process after Sibanye experienced ongoing losses at its Cooke and Beatrix West mines. When the process was concluded, Sibanye announced on Tuesday that in total 3601 contractors have been displaced. With regard to the Beatrix West operation, Froneman said this operation will continue to provide employment for about 1640 people.
“Beatrix West will remain in operation for as long as it makes profit, on average, over any continuous period of three months, after accounting for all-in sustaining costs,” the miner said.
The Cooke operation was not as fortunate.
”Unfortunatelyit was not possible to define realistic arrangement to operate Cooke 1,2 and 3 on a profitable basis. The underground mining operations at the Cooke 1,2 and 3 shafts will therefore be placed on care and maintenance with effect from end October 2017,” the firm said.