Sibanye says 5,270 jobs could be lost in Marikana restructuring

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IOL Business Report

JOHANNESBURG - South African miner Sibanye-Stillwater said on Wednesday that around 5,270 jobs could be lost in a restructuring of its Marikana operation, following financial losses at the mine.

Sibanye said the restructuring was aimed at restoring profitability and ensuring the sustainability of the remaining shafts at Marikana.

In August this year, the company told shareholders it would swing to a R265million loss in the first half of 2019, compared with an attributable profit of R77m for the six months ended June 30, 2018.

The Association of Mineworkers and Construction Union (Amcu) led a five-month strike that ended on April 17, 2019. Sibanye-Stillwater said earlier this year that the strike had affected the entire six-month production period to June.

Sibanye-Stillwater’s gold operations of Driefontein, Kloof and Beatrix mines ground to a halt on November 21 when at least 15000 Amcu members downed tools to demand higher wages despite the company signing agreements with three other unions.

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