Sibanye Stillwater CEO Neal Froneman received a R56 million payday in 2023 – a significant drop from the R291 million he received in 2021.<\/p>\n\n\n\n
Froneman recently said that the fall of Platinum Group Metals (PGMS) prices had the most significant impact on Sibanye’s business following a post-Covid boom. <\/p>\n\n\n\n
The price of PGMS dropped significantly amid destocking from the auto industry and weaker-than-expected demand from China.<\/p>\n\n\n\n
PGMs are primarily used in catalytic converters in internal combustion engines (ICE) to reduce their emissions. However, the rise of electric cars has called into question the need for a tool that reduces emissions. <\/p>\n\n\n\n
For the financial year ended 31 December 2023, the group reported a R37.9 billion loss after taking an impairment against its US palladium mine.<\/p>\n\n\n\n
Amid the group’s financial woes, it said it laid off 2,600 workers in February. This was to ensure the sustainability of its South African PGM operations. <\/p>\n\n\n\n
However, the jobs bloodbath is set to continue, with the group again entering into Section 189A consultations earlier this month. <\/p>\n\n\n\n
4,000 jobs in South Africa are on the line in the latest set of retrenchments, with the group hoping to restructure its gold operations and Southern Africa region services functions.<\/p>\n\n\n\n