April 11 (Reuters) - Diversified miner Sibanye Stillwater (SSWJ.J), opens new tab said on Thursday the planned restructuring of its South African gold operations could result in the loss of 4,022 jobs.
In a statement, the company, which suffered an annual loss of $2 billion in 2023 from a slump in metal prices, said the restructuring was meant to stem losses at its Beatrix 1 shaft, which has been unable to deliver planned production.
There will also be job losses at its Kloof 2 plant, which has had insufficient processing material after the Kloof 4 shaft was closed in 2023, it added.
"The proposed restructuring of the operations and services could potentially affect 3,107 employees and 915 contractors," Sibanye said.
The miner is also cutting some administrative jobs as it adjusts to the reduced mining headcount groupwide.
The company would "continue to act prudently to protect the balance sheet and ensure the sustainability of the group", Chief Executive Neal Froneman added in the statement.
Sibanye has already cut about 2,000 jobs at its platinum group metal (PGM) operations following the restructure of loss-making shafts after metal prices fell sharply last year.
Last year, it reported impairments of $2.6 billion at its U.S. palladium mines, a nickel operation in France and a gold mine in South Africa, traced in part to the fall in metal prices and an uncertain outlook.
Reporting by Nelson Banya; Editing by Clarence Fernandez
