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South Africa's miner Sibanye-Stillwater confirms over 2,000 layoffs

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Staff Writer | November 2, 2017
Sibanye-Stillwater
Africa   "Unfortunately..."

South African Sibanye-Stillwater confirmed on Wednesday that it had laid off more than 2,000 miners as it shuts its loss-making Cooke shafts.

"Unfortunately it was not possible to define realistic arrangements to operate Cooke 1,2 and 3 on a profitable basis," Sibanye said in a statement.

Sibanye has said it aims to not produce unprofitable ounces and that it expects a loss this year of at least 4.6 billion rand ($325 million) compared with attributable earnings of 3.7 billion rand last year due to of impairments and restructuring.

The company initially said that 2,025 workers would be laid off at Cooke while 1,350 elected voluntary separation packages. A spokesman later said around 165 of the job cuts were at its Beatrix West mine. The company has almost 59,000 employees.

The miner said it would keep Beatrix West running and that it would "remain in operation for as long as it makes a profit, on average, over any continuous period of three months."


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