Company said it would keep its Beatrix West gold mine running for as long as it makes a profit, on average, over any continuous period of three months.
Sibanye Gold Mining News
Miners who received a termination letter will hold a mass meeting at the mine Wednesday morning.
Precious metals miner said its platinum group metals (PGM) operations had delivered "solid operational results" in the first-half of 2017, prompting an upward revision to its 2017 production forecast and a downward revision to guided costs.
Mine is expected to generate about 300,000 ounces annually by late 2021/early 2022, increasing total PGM production from Sibanye’s operations in the US by more than 50%.
A strong price recovery for the main commodities South Africa mines and exports has helped the country’s sector stage a turnaround in 2017, the first time in five years the industry is back in the black.
South Africa holds the world's biggest reserves of platinum, chrome and manganese, but investment in the sector has dropped in each of the past two years as a result of increasing legal uncertainty and labour disputes.
The miner, South Africa’s largest gold producer, said that in the absence of a dividend, it’ll give investors two new shares for every 100 held.
The suspension follows a pending a judgement in an urgent interdict application by the country's Chamber of Mines.
Workers at the mine downed tools over a week ago, angered by the company’s actions to eradicate illegal miners from its operations.
The country will require local miners to be 30% black-owned and has set a 12-month deadline for them to comply with the new rules.
A higher South African rand versus the U.S. dollar was to blame for lowering Sibanye Gold's (NYSE:SBGL) net operating profit in the first quarter.
Shareholders voted overwhelmingly in favour of the cash takeover, which will make the South African firm the world's No.3 palladium producer and No.4 platinum group metals miner.
The 10 largest gold mining companies produce 30% of the world's gold and enjoy some of the sector's fattest margins.
Only three of the world's largest gold producers managed to lift output in 2016 – Barrick loses 600,000 ounces of annual production but slashes costs.
Heavy losses across the board – Barrick down 4.6% in massive volumes and second tier Canadian miners hardest hit.
Mines minister Mosebenzi Zwane noted that 19 of the 73 miners who died in South Africa last year lost their lives at operations run by those companies.
Takeover would make of Sibanye Gold the world's third largest palladium producer and fourth biggest platinum group metals miner.
Together with reducing Sibanye’s dependence on its aging South African assets, the deal will make the company the world's third largest palladium producer, the company said.
The company remains confident the sale of its Rustenburg mines in South Africa to Sibanye Gold will clear its last regulatory hurdle before the end of the year.
Four employees were attacked by unknown assailants.
They will appeal verdict that paved the way for about half a million current and former miners to proceed with a multi-million-dollar suit, which seeks compensation for those who contracted lung diseases.
The miner said it was is currently assessing the operational and financial situation of its platinum division, which may require "remedial action".
The class action the firms want to appeal to, paves the way for thousands of current and former miners suffering from silicosis and tuberculosis to seek damage compensation from the companies.
The company said financial losses at the mine threaten the viability of the rest of the Cooke operations, which include four mines and three processing plants.
Sibanye is the largest individual producer of gold in South Africa and one of the 10 largest globally. OceanaGold is a rapidly growing multinational gold producer with assets located in the Philippines, New Zealand and the United States.