Sibanye-Stilwater to cut over 5,000 jobs in Marikana restructuring
South African miner, Sibanye-Stilwater said on Wednesday that it could cut around 5,270 jobs in order to restructure its loss-making Marikana mine.
Sibanye said that the aim of the restructuring is to return the mine to profit and ensure the sustainability of its remaining shafts. The process will drive the miner’s share price up 6% to 21.28 Rand.
After a review into the mine’s operations, Sibanye-Stilwater CEO Neal Froneman said a number of shafts that were at risk of closure would still continue to operate, lessening job losses.
“Overall, the outcome will be a more sustainable business which is able to secure employment for the majority of the Marikina workforce for a much longer period.” he said in a statement.