Sibanye CEO warns of platinum mining job losses as price plummets
Sibanye CEO warns of platinum mining job losses as price plummets
Reuters
JOHANNESBURG, Oct 4 (Reuters) - Sibanye Stillwater (SSWJ.J), South Africa's biggest mining sector employer, may be forced to close some loss-making shafts, its CEO told Reuters, adding job cuts in platinum mining had become inevitable as prices of the precious metals fall.
"Significant restructuring" is very likely in the platinum sector of the world's top supplier of the metal as miners try to stay profitable, said Neal Froneman.
"We certainly can't run unprofitable shafts and I know that our cost structure is probably the lowest in the industry," he said. "So if we have loss-making shafts, which we have a few, they will have to be closed and I say this with all the sensitivities on potential job losses."
Sibanye and South African peers including Impala Platinum (IMPJ.J) and Northam Platinum (NPHJ.J) are among producers that operate some of the world's deepest platinum mines.
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