Sibanye-Stillwater saved up to 10,000 jobs by backing away from a decision to close up to 300,000oz of annual platinum group metal (PGM) production from its Rustenburg mines, saying it was on track to save R1bn at the mines. This news will not cheer the platinum market, which needs a reduction in metal coming from SA, the world’s largest supplier. Sibanye’s decision is indicative of the unwillingness of producers to make serious production cuts to stimulate prices. Sibanye had done the work to save its three deep-level conventional mines from closure and while the news was not great for the market it meant unit costs of production were lower and the mines were headed for breakeven or profits, said spokesman James Wellsted. Sibanye’s shares closed 2.4% higher at R16.49 each. The news comes at a time when the company is in talks with organised labour at its Beatrix West and three Cooke shafts to close the operations at a cost of up to 10,000 jobs. Sibanye will probably allow the forma...
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