Jobs bloodbath at Marikana could have been much worse
Sibanye has made clear that the Lonmin assets still needed restructuring to remove high embedded costs
Sibanye-Stillwater has reduced the size of its Marikana workforce by 4,775 jobs, fewer than it flagged when it started the restructuring process late last year.
Sibanye bought the financially distressed Lonmin, once the world’s third-largest platinum miner, for R4.3bn worth of shares in June 2019. In September that year, it said it would cut up to 5,270 jobs at the Lonmin assets, which included mines, concentrators, smelters and refineries.
On Thursday Sibanye, now the world’s largest source of six platinum group metals (PGMs), said it had reduced the workforce at the assets collectively renamed Marikana by 4,775...