Over 4,000 jobs on the line with Sibanye-Stillwater’s latest restructuring
Announcement comes barely six weeks after the company kicked off a similar process at one of its South African gold mines.
Announcement comes barely six weeks after the company kicked off a similar process at one of its South African gold mines.
Move will result in the loss of about 1,000 jobs, though it will keep its refinery and smelters open in North Queensland.
Potential revision of the Kloof 4 shaft in South Africa comes after numerous failed attempts to address productivity and operational issues.
This follows another job cut announcement 10 days earlier, when Codelco said it would trim 10% of staff.
Latest data suggests that the US labour market was slowing amid mounting risks of a recession.
Labour challenges have added significantly to the cost of both the CGL and TMX projects, which competed with each other for labour.
Gold surpassed $2,000 last week as weak US services sector and job openings data made a rate hike next month less likely.
Miner started laying off more than 100 workers at its Iron Bridge project in the Pilbara region, according to local media.
The cuts would be across Fortescue Future Industries, a clean energy subsidiary focused on producing hydrogen.
Spot gold fell 2.3% to $1,869.49 per ounce by noon ET.
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