Sibanye-Stillwater sharpens its axe
The six-month moratorium on job cuts at Sibanye-Stillwater’s Marikana operation expires in December. In what may be a strategic gamble, the company has already issued a notice of retrenchment
03 October 2019 - 05:00
News that Sibanye-Stillwater may lay off more than 5,000 people at the former Lonmin mine at Marikana is hardly news at all. In 2017, management of the ailing operation had already identified the need to cut as many as 12,000 jobs — and nearly 6,000 have been shed since then.
But when Sibanye’s acquisition of the business was considered by the Competition Tribunal late last year, it was clear that the head count would have to be reduced further to ensure the sustainability of the business...
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