Sibanye CEO warns of platinum mining job losses

Sibanye Stillwater, 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 metal continue to weaken.

“Significant restructuring” was very likely in the platinum sector of the world’s top supplier of the metal as miners try to remain profitable, said Neal Froneman, Sibanye’s chief executive officer.

South African platinum group metal miners are battling an electricity crisis that has impacted output and increased costs, amid weak metal prices.