Refinitiv Newscasts - Sibanye says over 4,000 jobs could go in restructure

Platinum Metals

25/10/2023 13:26

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_qmp3rimv&referenceId=tag:reuters.com,2023:newsml_RW291525102023RP1_930&pageId=Newscasts
Source: Reuters

Description: A planned restructure by South Africa's Sibanye Stillwater, the
country's biggest mining sector employer, could result in thousands of job
losses, the company said on Wednesday. David Doyle has more.
Short Link: https://refini.tv/3S6JW1c

Video Transcript:

South Africa's biggest mining sector employer has said it may need to cut more
than 4,000 jobs. Sibanye-Stillwater is planning a restructure which could see
four loss-making Platinum Group Metal shafts close. In a statement on
Wednesday, the company said high operating costs and declining prices have
significantly affected the profitability of the PGM industry. Certain
operating shafts are now loss-making, Sibanye said, and pose a risk to the
sustainability of the remain operations. The company, which saw a three-month
strike last year over wages, said the affected workers include 3,500 permanent
employees and 595 contractors. Sibanye also has gold-mining operations in
South Africa and PGM assets in Zimbabwe and the United States. It said it has
initiated consultations with representatives of affected employees, in line
with South Africa's labor laws