Sibanye Stillwater to close Kloof 4 gold shaft in South Africa, cutting 575 workers

Sibanye Stillwater (NYSE:SBSW) said Friday it plans to lay off 575 employees at the Kloof 4 shaft in South Africa following a review of its gold operations in the country.

Sibanye (SBSW) said after consultations held with affected stakeholders, 1,057 workers accepted transfers to fill vacant positions at its South Africa gold operations primarily resulting from natural attrition over a five-month period from the start of the S189 process, but “regrettably, 575 employees could not be accommodated.”

“While the decision to close or restructure operations is never taken lightly, the closure of Kloof 4 shaft was necessary to curb ongoing financial losses,” CEO Neal Froneman said.

The Kloof mine, which consists of four shafts, employs a total of 10,444 employees and contractors.