As Buildmax prepares to delist from the JSE, it has issued a brief statement on the termination of its contracts, saying it will remove all equipment from the Kloof mine owned by Sibanye-Stillwater by mid-March 2018. Buildmax’s wholly owned Diesel Power Opencast Mining subsidiary, its main operating unit, "exercised its right" to end the Kloof contract, which entailed moving material, crushing and screening it. With the pending change in control at Buildmax, Sibanye put out a fresh tender for the contract held by Diesel Power, leading to the company terminating its deal with Kloof, said Sibanye spokesman James Wellsted. Buildmax said it would conduct a section 189 process in terms of the Labour Relations Act to cut jobs, without specifying how many people were employed under the contract nor how many stood to lose their positions. A number of Buildmax’s officials including Bulelani Ngcuka, a former ANC heavyweight, have put together a new firm to launch a takeover bid for the whole ...
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