Sibanye-Stillwater to retrench more than 5000 workers
Sibanye- Stillwater - formerly known as Lonmin - has announced its decision to cut off 5,270 jobs as it restructures its Marikana mine in the North West.
The platinum mine is the site of the Marikana massacre in 2012, where 34 striking miners were gunned down by police firing live ammunition.
The takeover by Sibanye-Stillwater earlier this year was deemed the only possible means of keeping the embattled mine afloat.
The mine’s spokesperson James Wellsted says all affected stakeholders have been informed of the decision.
"This follows ongoing financial losses experienced at these operations with certain shafts having reached the end of their economic reserve life.
"Approximately 5,270 jobs [3,904 employees and 1,366 contractors] are expected to be lost due to the restructuring however as a result of the PGM commodity price environment the amount of job reduction is significantly less than previously communicated by Lonmin in 2017.
"Through a formal consultation process, the company and affected stakeholders will together consider other measures to avoid and mitigate further retrenchments and seek alternatives to the potential closing or downscaling of operations at the affected shafts."
Neal Froneman, CEO of Sibanye-Stillwater, said the decisions being made would limit job losses.
"The proposed restructuring is contemplated to ensure the sustainability of the Marikana operation, which is not a going concern as an independent entity. While the review process concluded that certain shafts - most of which were at the end of their operating lives - would be affected, other shafts which had previously been at risk will continue to operate, thereby lessening potential job losses."
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Sibanye-Stillwater to retrench more than 5000 workers by Sine Madolo on Scribd