Sibanye Stillwater Ltd. said it will enter talks with labor unions over a possible restructuring at one of its South African gold mines that could impact almost 3,000 people.
The announcement is the latest blow for the company’s Kloof 4 shaft, where operations were suspended on Aug. 1 following an incident that damaged infrastructure. That “compounded” the challenges faced at the mine about 60 kilometers from Johannesburg, the company in a statement Thursday.
The setback comes after Sibanye turned around its previously loss-making gold operations in the first six months of the year. The company — spun off from Gold Fields’s oldest South African mines in 2013 — is struggling to squeeze profits from mines that are among the deepest in the world and are becoming more costly to run.
A possible restructuring at the so-called Kloof 4 shaft could affect 2,389 employees and 581 contractors, Sibanye said.
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