SIBANYE-STILLWATER SAYS SITUATION DIRE AS IT LOOKS TO RESTRUCTURE

JOHANNESBURG - Sibanye-Stillwater says the formal restructuring process it has started is expected to last three months.

Sibanye has warned that close to 6,000 miners are in danger of losing their jobs after it recorded losses worth R1 billion at its gold operations in 2018.

However, unions have vowed to fight any threats of retrenchments at Sibanye-Stillwater.

Sibanye says it will look at measures to avoid and mitigate retrenchments in its gold mine operations.

The company has also been plagued by a three-month-long strike by members belonging to the Association of Mineworkers and Construction Union (Amcu) who are calling for higher wages.

Sibanye spokesperson James Wellsted says the situation is dire.

“If we don’t do this, the losses that we’re experiencing at these operations could reduce the lives of other profitable operations because that money can be invested in the sustainability of other operations, which now is spent at loss-making operations.”

The company is also expected to announce losses of up to a billion rand in its financial results next week.

Gideon du Plessis, the general secretary of Solidarity, says they’re communication with Sibanye to find alternatives to job losses.

Meanwhile, Amcu has vowed that it will fight any planned retrenchments at Sibanye-Stillwater.

 

Source – EWN