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Sibanye Stillwater (NYSE:SBSW) mentioned Friday it plans to put off 575 staff on the Kloof 4 shaft in South Africa following a assessment of its gold operations within the nation.
Sibanye (SBSW) mentioned after consultations held with affected stakeholders, 1,057 staff accepted transfers to fill vacant positions at its South Africa gold operations primarily ensuing from pure attrition over a five-month interval from the beginning of the S189 course of, however “regrettably, 575 employees could not be accommodated.”
“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,” CEO Neal Froneman mentioned.
The Kloof mine, which consists of 4 shafts, employs a complete of 10,444 staff and contractors.
