Sibanye Gold Restructures in South Africa, Says 60,000 Jobs Secured

By Maryam Cockar Features Dow Jones Newswires

Sibanye Gold Ltd. (SGL.JO) on Wednesday announced that it has restructured its operations after experiencing ongoing losses at its Cooke and Beatrix West mines, in a move it says has secured over 60,000 jobs in South Africa.

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The South Africa-listed miner said that Beatrix West will remain operational for as long as it makes a profit over a continuous period of three months and that the mine will continue to employ about 1,640 people.

It said that if Beatrix West becomes loss-making, then it will immediately place the underground operation and the Beatrix 2 plant in a care-and-maintenance program.

The Cooke 1, 2 and 3 mine shafts will be placed in a care-and-maintenance program at the end of October, Sibanye said.

The company added that the Cooke surface-processing plant will continue operating and that 132 employees will be retained there.

An additional 1,510 jobs have been secured for the care-and-maintenance program and about 2,025 workers will be retrenched, with 1,350 taking voluntary separation packages, the company said.

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Write to Maryam Cockar at maryam.cockar@dowjones.com

(END) Dow Jones Newswires

November 01, 2017 02:44 ET (06:44 GMT)