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Sibanye Gold / To Cut 1,110 Jobs

Sibanye Gold Ltd. (SGL), South Africa’s second-biggest producer of the metal, will cuts 1,110 positions at its Beatrix West mine in South Africa, fewer than first proposed, in a bid to return the operation to profit.

The company will stop development at the mine, resulting in 330 job cuts and an additional reduction of 780 positions that it will attempt to redeploy, James Wellsted, a spokesman for Westonaria-based Sibanye, said by phone today.

Sibanye on April 2 said it may trim as many as 3,000 positions at the mine in the central Free State province. A fire at the operation started on Feb. 19 and the company is losing 61 kilograms (134 pounds) of gold every month as a result. Output will be halted until June 2014, Sibanye said. The company and AngloGold Ashanti Ltd. (ANG), the continent’s biggest producer, are reviewing costs as labor and power charges increase at above-inflation rates.

Chosen excerpts by Job Market Monitor

'RBA Cuts Key Rate to Match Half-Century Low as Currency Holds Up - Businessweek' - www_businessweek_com_news_2012-12-03_rba-cuts-key-rate-to-half-century-low-of-3-percent-as-hiring-slum

via Sibanye Gold to Cut 1,110 Jobs to Return Beatrix West to Profit – Businessweek.


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