Sibanye-Stillwater Makes 168 Employees Redundant in South Africa

By Kyle Morris

Sibanye-Stillwater Ltd. said Thursday that following the conclusion of consultations on the restructuring of its South Africa operations 552 employees were granted voluntary separation or early retirement packages and 168 employees were made redundant.

The South African precious-metals mining company also said that 1,136 employees accepted transfers.

The 168 employees couldn't be accommodated or chose not to participate in the agreed avoidance measures, it said.

"While the decision to close or restructure operations is never taken lightly, the closure of the end-of-life, and loss-making operations are necessary to ensure sustainability for the remainder of the business," Chief Executive Neal Froneman said.

The company said the decisions come as a result of continuing losses experienced at the Beatrix 4 shaft and the impact of depleting surface mineral reserves to the Kloof 1 plant.

Write to Kyle Morris at [e-mail]

(END) Dow Jones Newswires

03-09-23 1017ET