6,000 miners to lose jobs but South Africa doesn't care about gold price suppression

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South Africa's Sibanye Weighs Slashing 6,000 Jobs to Stem Gold Losses

By Henry Sanderson
Financial Times, London
Thursday, February 14, 2019

South African miner Sibanye-Stillwater said it may have to cut nearly 6,000 jobs as part of a restructuring of its gold mines due to ongoing losses.

Sibanye said it would enter into formal consultations with its workforce following "numerous initiatives to contain losses" at certain shafts at its Beatrix and Driefontein gold mining operations.

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The talks come following strikes and a number of deaths at Sibanye's deep-shaft gold mining operations last year.

The company said it may have to cut roughly 5,870 jobs and 800 contractors depending on the outcome of the formal consultation. Sibanye employs around 61,000 people in South Africa.

"Contemplating potential restructuring of this nature is never taken lightly and we are aware of the possible impact on many of our colleagues," Neal Froneman, chief executive of Sibanye, said. "Our best attempts to address the ongoing losses at these operations, have, however, been unsuccessful and sustaining these losses may threaten the viability of our other operations." ...

... For the remainder of the report:

https://www.ft.com/content/5a08bcf0-3052-11e9-ba00-0251022932c8

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