Sibanye-Stillwater concludes one-year wage agreement with unions at its SA gold operations
Receive up-to-date information about the company directly via push notification
Johannesburg, 11 November 2024: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) - https://www.commodity-tv.com/ondemand/companies/profil/sibanye-stillwater-ltd/ - is pleased to announce the conclusion of wage negotiations at its SA gold operations, which began in July 2024. A one-year agreement was reached with the representative unions, the Association of Mineworkers and Construction Union (AMCU), the National Union of Mineworkers (NUM), UASA, and Solidarity, with respect to annual wages and benefits for employees at its Beatrix, Driefontein and Kloof operations.
This agreement, effective from 1 July 2024 to 30 June 2025, demonstrates the Group’s commitment to providing fair, inflation-linked wages while considering the sustainability and prospects of the SA gold operations. The final wage agreement comprises increases of 5.5% or R900 per month (whichever is higher) for both category 4 to 8 employees and miners and artisans for the year ending 30 June 2025, with officials receiving a 5.5% increase.
Sibanye-Stillwater CEO Neal Froneman said: “We are pleased to have finalised this wage agreement, which is both fair for employees and affordable for the SA gold operations. Our one-year wage offer is in contrast with recent five-year agreements between South African PGM and gold companies and organised labour. Since early 2023, the SA gold operations have undergone significant restructuring in a very volatile inflationary environment and the operations have not yet fully stabilised. We therefore believe it is more prudent and fair to re-engage again in July 2025.”
About Sibanye-Stillwater
Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of operations, projects and investments across five continents. The Group is also one of the foremost global recyclers of PGM autocatalysts and has interests in leading mine tailings retreatment operations.
Sibanye-Stillwater is one of the world’s largest primary producers of platinum, palladium, and rhodium and is a top tier gold producer. It also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to diversify its asset portfolio into battery metals mining and processing and increase its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. For more information refer to www.sibanyestillwater.com.
Investor relations contact:
Email: [email protected]
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Tel: +27 (0) 83 453 4014
Website: www.sibanyestillwater.com
LinkedIn: https://www.linkedin.com/company/sibanye-stillwater
Facebook: https://www.facebook.com/SibanyeStillwater
YouTube: https://www.youtube.com/@sibanyestillwater/videos
X: https://twitter.com/SIBSTILL
In Europe:
Swiss Resource Capital AG
Jochen Staiger & Marc Ollinger
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
FORWARD LOOKING STATEMENTS
This announcement contains forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation may be forward-looking statements. Forward-looking statements may be identified by the use of words such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could” “believe”, “aim”, “anticipate”, “target”, “estimate” and words of similar meaning.
These forward-looking statements, including among others, those relating to Sibanye Stillwater Limited’s (Sibanye-Stillwater or the Group) future financial position, business strategies, business prospects, industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, and plans and objectives for future operations, project finance and the completion or successful integration of acquisitions, are necessarily estimates reflecting the best judgement of Sibanye-Stillwater’s senior management. Readers are cautioned not to place undue reliance on such statements. Forward-looking statements involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally beyond the control of Sibanye-Stillwater that could cause its actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in Sibanye-Stillwater’s 2023 Integrated Report and annual report on Form 20-F filed with the Securities and Exchange Commission (SEC) on 26 April 2024 (SEC File no. 333-234096). These forward-looking statements speak only as of the date of this presentation. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required). This information has not been reviewed by the Group’s external auditors.
Websites
References in this announcement to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of, this announcement.
