This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEC0E0NG_M.jpg
The company announced on Thursday that it plans to initiate discussions with organized labor and other affected stakeholders. The Kloof mine, which comprises four shafts, employs a total of 10,444 employees and contractors. The Kloof 4 shaft alone produces an average of about 9,650 ounces of gold per month, accounting for 14% of annual production from the South African gold operations, excluding DRDGOLD, a company in which Sibanye-Stillwater holds a stake.
The decision to consider restructuring comes in the wake of multiple operational issues at the Kloof mine. These include seismicity and cooling constraints that have led to sustained losses despite recent high gold prices. Additionally, an incident on July 30 when a load of ballast fell down the lift shaft caused extensive damage and rendered some high-grade areas inaccessible. This incident significantly worsened productivity and threatened the shaft’s financial viability. Since then, it has been impossible to access the shaft below the 39 level.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
