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Conclusion of S189 consultation process at the Marikana operations

ID: 1555305
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(PresseBox) - Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL - https://www.commodity-tv.com/play/sibanye-stillwater-diversifying-globally-in-metals-and-jurisdictions/) advises that the consultation process with relevant stakeholders in terms of Section 189A (S189) of the Labour Relations Act, 66 of 1995 (LRA), regarding the proposed restructuring of its Marikana operation and associated services (previously Lonmin), as previously announced on 25 September 2019, has been concluded.

The outcome of the S189 process, following consultations with stakeholders, is as follows:

Shaft 1B and a specific Sweeping and vamping project will continue with limited mining, sweeping and reclamation, until the end of December 2020 ? resulting in the preservation of 329 jobs, provided that the projects continue to be profitable on a three-month average period

Job losses were reduced by identifying approximately 166 opportunities for affected employees to be transferred to other operations

Approximately 1,612 employees were granted Voluntary Separation Packages (VSPs), 53 employees proceeded on normal retirement and natural attrition accounted for 259 employees

Approximately 1,142 employees were ultimately retrenched and contractors were reduced by ~1,709

Sibanye-Stillwater CEO, Neal Froneman commented: ?We are pleased with the outcome of the consultations with stakeholders, which despite the necessary closure of some end of life shafts, resulted in the preservation of a number of jobs. This will result in a more sustainable business which will secure employment for the majority of the Marikana workforce for a much longer period.?

Please refer to https://soundcloud.com/user-155552468/marikana-restructuring-16jan2019 for a media sound clip by the spokesperson, James Wellsted.



Contacts:

Email: ir(at)sibanyestillwater.com

James Wellsted

Head of Investor Relations

+27 (0) 83 453 4014

Sponsor: J.P. Morgan Equities South Africa (Proprietary) Limited

In Europe:

Swiss Resource Capital AG

Jochen Staiger

info(at)resource-capital.ch

www.resource-capital.ch

FORWARD LOOKING STATEMENTS

The information in this announcement may contain forward-looking statements within the meaning of the ?safe harbour? provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Gold Limited?s (trading as Sibanye-Stillwater) (?Sibanye-Stillwater? or the ?Group?) financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater.

All statements other than statements of historical facts included in this announcement may be forward-looking statements. Forward-looking statements also often use words such as ?will?, ?forecast?, ?potential?, ?estimate?, ?expect? and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer and in the Group?s Annual Integrated Report and Annual Financial Report, published on 29 March 2019, and the Group?s Annual Report on Form 20-F filed by Sibanye-Stillwater with the Securities and Exchange Commission on 5 April 2019 (SEC File no. 001-35785). Readers are cautioned not to place undue reliance on such statements.



More information:
http://bit.ly/30w0enf http://bit.ly/2R3qX7y http://bit.ly/3618UTR https:// https://



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published by: PresseBox
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Date: 01/17/2020 - 09:41
Language: English
News-ID 1555305
Character count: 4471
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Firma: Swiss Resource Capital AG
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Stadt: Johannesburg
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