Sibanye Stillwater announces a restructuring of its South African gold operations, potentially affecting 4,022 jobs, following a $2 billion annual loss in 2023 due to metal price declines. The company aims to address production challenges at its Beatrix 1 shaft and processing issues at the Kloof 2 plant. Sibanye, South Africa’s largest mining sector employer, plans administrative job reductions as well. CEO Neal Froneman emphasizes prudence for balance sheet protection. Unions, including the National Union of Mineworkers (NUM) and Solidarity, denounce the layoffs, citing high gold prices and questioning the timing amidst impending wage negotiations.
Sibanye Stillwater Plans Job Cuts Amid Gold Operations Restructuring
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