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Sibanye Stillwater (NYSE:SBSW) -0.6% in Tuesday’s trading after saying it cut more than 2K jobs and merge gold and platinum metals operations in South Africa, Dow Jones reports, as the miner moves forward with its planned restructuring to lower costs and raise profitability.
Sibanye (SBSW) said it held consultations with affected stakeholders to try to minimize job losses at its South African gold operations, where 1,304 employees and another 1,130 contractors are affected by the restructuring.
The miner previously estimated the restructuring of its gold business could affect 3,107 employees and 915 contract workers.
Sibanye (SBSW) said the loss-making shaft 1 at the Beatrix gold site will keep running if there are no net losses on an average trailing three-month basis from June 1.
“It is extremely encouraging that the restructuring efforts undertaken in the SA region have not only successfully and proactively addressed loss-making operations… but through cooperative consultation with stakeholders, limited forced retrenchments to just 8% of total employees impacted since January 2023,” CEO Neal Froneman said.