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.
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.
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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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(END) Dow Jones Newswires
November 01, 2017 02:44 ET (06:44 GMT)