Sibanye Gold Limited (Sibanye-Stillwater)
Sibanye Gold Limited (Sibanye-Stillwater)
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Sibanye Gold has launched a formal consultation process that could lead to the cutting of up to 1,600 jobs after a review of its business.
One of South Africa's top 4 gold producers, Sibanye has already reduced employee and contractor numbers by 4,000 to 38,000 this year.
The company said it was looking at cutting more jobs, mainly from the services side. "The proposed restructuring could result in up to 1,600 jobs being affected," it said.
Sibanye Gold CEO Neal Froneman has welcomed signs of a turnaround at the South African gold miner.
The company, created last year from the hiving off of the Driefontein, Kloof and Beatrix mines by Gold Fields, delivered 656,300oz gold for the six months to June 2013 from the Driefontein, Kloof and Beatrix operations.
The result was 5% below the 688,100oz recorded in the June 2012 half despite the disruptions of a severe underground fire at Beatrix West and power outage at Driefontein in the early part of the year.
South African miner sees signs of progress but ready for more disruptions
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