Sibanye-Stillwater closes Kloof 4 gold shaft in SA, retrenching 575 employees
Sibanye-Stillwater has concluded Section 189 consultations regarding proposed restructuring at its Kloof 4 gold shaft in South Africa.
Sibanye said that as a result of “constructive” consultations that were held between the company and affected stakeholders over 78 days, 1,057 employees accepted transfers to fill vacant positions at the SA gold operations primarily resulting from natural attrition over a five-month period from the start of the S189 process.
The company added that 176 employees and 23 contractors will temporarily be retained during Kloof 4 shaft’s decommissioning phase, while 550 employees from Kloof 4 shaft were granted voluntary separation or early retirement packages along with a further 348 employees across the SA gold operations.
“Regrettably, 575 employees could not be accommodated in the agreed avoidance measures, and will be retrenched. All affected contractors will also be reduced,” the company said in a media release.
CEO Neal Froneman commented, “While the decision to close or restructure operations is never taken lightly, the closure of Kloof 4 shaft was necessary to curb ongoing financial losses. The S189 consultation process encouragingly achieved this required outcome while also reducing the number of retrenchments. We acknowledge and thank all stakeholders for their constructive engagement.” Sibanye-Stillwater is one of the world’s largest primary producers of platinum, palladium, and rhodium and is a senior gold producer. It also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt.
