Sibanye Stillwater said it has cut about 2,600 jobs at its South African platinum mines after discussions with labour unions over restructuring unprofitable operations.<\/p>\n\n\n\n
Sibanye said earlier in the week that it expects to report a loss for last year after slumping platinum-group metals and operational problems across its businesses forced the firm to take impairments of R47.5 billion.<\/p>\n\n\n\n
In South Africa, Sibanye will close a platinum shaft that ceased production in 2023, lower production at two others and may shutter a fourth if it makes monthly losses. The consultation process, which started in October, \u201cachieved the necessary requirement of addressing loss-making operations and ensuring the sustainability of our SA PGM operations,\u201d Chief Executive Neal Froneman said in a statement Friday.<\/p>\n\n\n\n
Almost 1,300 employees accepted voluntary separation or early retirement packages, while 467 people left since September due to \u201cnatural attrition,\u201d the Johannesburg-based firm said. The jobs of another 47 employees and 805 contractors were cut. <\/p>\n\n\n\n
The company has already cut nearly 1,500 jobs at its gold operations in South Africa and is reducing the workforce at its high-cost Stillwater palladium mine in the US.<\/p>\n\n\n\n
Sibanye\u2019s South African peers \u2014 Anglo American Platinum Ltd. and Impala Platinum Holdings Ltd. \u2014 reported a sharp drop in profits last year.<\/p>\n\n\n\n