BusinessLive reports that over the past eighteen months, Sibanye-Stillwater has reduced its workforce by more than 11,000 jobs, significantly impacting communities, families, and the broader socioeconomic landscape. However, this restructuring positions the precious metals producer for long-term sustainability.
CEO Neal Froneman stated, “We have restructured the SA region to align with our reduced operating footprint, enhancing regional sustainability and profitability. We are well-positioned to continue delivering shared value.” Sibanye, known for high operating costs, attributed the reduction in its South African workforce from 81,500 in late 2022 to just over 70,000 today, a 14% decrease, to the closure of aging shafts and restructuring of unprofitable ones.
The most recent job cuts occurred at the Beatrix 1 shaft, where 1,241 employees were laid off following extensive negotiations with labor unions. Sibanye noted that without legally mandated consultations with union leaders, more jobs would have been lost. These consultations led to agreed-upon measures aimed at avoiding further retrenchments.
Froneman emphasised, “The restructuring efforts in the SA region have successfully addressed loss-making operations, ensuring continued benefits and value for multiple stakeholders. Cooperative consultations have limited forced retrenchments to just 8% of the total employees impacted since January 2023.”