The illegal sit-in at the platinum group metal (PGM) operations of Sibanye-Stillwater has come to an end, with all employees exiting the Kwezi shaft at the Kroondal mine safely. The protest, which began on June 3 and involved 211 employees, was sparked by dissatisfaction over the exclusion of Kroondal miners from the proceeds of an employee share ownership plan (ESOP) that was paid out to workers at other Sibanye-Stillwater mines.
Sibanye-Stillwater has stated that the striking employees and their union representatives were informed about their inclusion in the ESOP once the acquisition of the Kroondal Pool and Share Agreement by Sibanye Rustenburg Platinum Mines is finalized. The company plans to engage with employees and unions in accordance with standard processes now that the sit-in has been resolved.
This development is positive news for Sibanye-Stillwater, which has been facing challenges in the PGM market with a major reduction in prices last year leading to operating losses. In February, the company announced its decision to retrench 852 full-time employees and contractors at its South African PGM mines.
In its latest restructuring announcement in April, Sibanye-Stillwater revealed that 3,107 employees and 915 contractors were being evaluated for potential job losses, though not all would be impacted. The company had announced a R6.5bn worth of restructuring last year, with a focus on its US palladium and platinum mine Stillwater. Despite these challenges, the company is optimistic about its future production levels, with expectations for 2024 set between 440,000 to 460,000 ounces of PGMs.
