JOHANNESBURG - Sibanye-Stillwater, a prominent mining company known for its platinum group metals and gold production, has concluded Section 189 restructuring consultations concerning its unprofitable Kloof 4 shaft. The process, which started in September, was aimed at reducing the financial strain on the company due to the underperformance of the shaft.
The CEO of Sibanye-Stillwater, Neal Froneman, acknowledged the difficult decisions that had to be made but commended the cooperation of stakeholders in mitigating job losses. Initially, there was a possibility that nearly three thousand jobs could be lost. However, through natural attrition and concerted efforts to minimize layoffs, the number of affected employees was significantly reduced.
1,057 employees accepted transfers to fill vacant positions at the SA gold operations primarily resulting from natural attrition over a five-month period from the start of the S189 process; 176 employees and 23 contractors will temporarily be retained during Kloof 4 shaft's decommissioning phase; 550 employees from Kloof 4 shaft were granted voluntary separation (VSPs) or early retirement packages along with a further 348 employees across the SA gold operations.
However, 575 employees could not be accommodated in the agreed avoidance measures, and will be retrenched. All affected contractors will also be reduced.
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