Sibanye-Stillwater has concluded a section 189 process in its gold mining operations which will affect more than 2 000 employees in Gauteng.
The mining giant announced last year that it would restructure its gold sector due to financial losses at Beatrix 4 Shaft and Kloof 1 Plant.
The company says consultations were held between the company and affected stakeholders, which considered various avoidance measures to mitigate possible retrenchments and minimise job losses due to the potential cessation or downscaling of operations and associated services.
According to a statement released on Thursday, other employees have accepted transfer opportunities to available positions at its other operations in the country.
“More than 100 employees accepted transfer opportunities to available positions at other group operations in the SA region. 552 employees were granted voluntary separation or early retirement packages. Natural attrition accounted for 103 less affected employees.
“Regrettably 168 employees could not be accommodated or chose not to participate in the agreed avoidance measures, and as such will be retrenched,” the statement said.
Company CEO Neal Froneman said the two shafts were costing the company.
“While the decision to close or restructure operations is never taken lightly, the closure or the end of life, and loss-making operations are necessary to ensure sustainability for the remainder of the business.
“We are pleased with the outcome of this S189 process regarding the Beatrix 4 shaft and Kloof 1 plant, where, through constructive and cooperative engagement we have been able to preserve most jobs initially at risk.
“We acknowledge and thank all stakeholders for their constructive engagement,” Froneman said.
While load shedding is having a negative impact on businesses, Sibanye announced earlier that it aims to reduce its dependence on Eskom.
Froneman made the remarks as the mining company released its annual results, which saw its net profit for 2022 nearly halve.