Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW - https://www.commodity-tv.com/ondemand/companies/profil/sibanye-stillwater-ltd/) advises that it has received notice from the Association of Mineworkers and Construction Union (AMCU) and the National Union of Mineworkers (NUM), that the unions intend to embark on protected strike action at Sibanye-Stillwater’s South African (SA) gold operations, from the evening shift on Wednesday, 9 March 2022.
Sibanye-Stillwater CEO Neal Froneman commenting on the notification from AMCU and NUM said: “It is very disappointing that the two unions have chosen this course of action despite our ongoing engagement in an attempt to reach agreement on wages since June 2021. The offer we made on 4 February 2022 is fair, taking into consideration current inflationary living costs, considers the sustainability of the SA gold operations and the interests of all stakeholders for the long term. The offer is final; wage increases that are higher than inflation are not sustainable and cannot be considered.”
As a reminder, the final offer is for three years and would mean that:
For more information, please refer to https://www.sibanyestillwater.com/features/gold-wage-negotations-2021/.
Investor relations contact:
Email: ir@sibanyestillwater.com
James WellstedHead of Investor Relations
Tel: +27 (0) 83 453 4014
Website: www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch
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 announcement 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”) future business prospects, financial positions, production and operational guidance, Mineral Resources and Mineral Reserves information, climate and ESG-related statements, targets and metrics, plans and objectives of management for future operations and ability to complete or successfully integrate ongoing and future 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 Integrated Annual Report 2020 and annual report on Form 20-F filed with the United States Securities and Exchange Commission on 22 April 2021 (SEC File no. 333-234096). These forward-looking statements speak only as of the date of this announcement. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required).
Sibanye-Stillwater CEO Neal Froneman commenting on the notification from AMCU and NUM said: “It is very disappointing that the two unions have chosen this course of action despite our ongoing engagement in an attempt to reach agreement on wages since June 2021. The offer we made on 4 February 2022 is fair, taking into consideration current inflationary living costs, considers the sustainability of the SA gold operations and the interests of all stakeholders for the long term. The offer is final; wage increases that are higher than inflation are not sustainable and cannot be considered.”
As a reminder, the final offer is for three years and would mean that:
- Category 4 – 8 employees will receive an average increase of 6.0% in year 1 equivalent to an additional R800 per month; 5.7% in year 2, equivalent to a further R800 per month; and 5.4% in year 3, again equivalent to an additional R800 per month. The R800 includes a R100 increase in the Living Out Allowance each year
- In rand terms, these inflations linked increases will result in wages for entry-level Category 4 underground production increasing by around R34,397 over the three-year period to an average total guaranteed income of approximately R245,110 per annum
- Miners, Artisans and Officials will receive an increase of 5% in years 1, 2 and 3
For more information, please refer to https://www.sibanyestillwater.com/features/gold-wage-negotations-2021/.
Investor relations contact:
Email: ir@sibanyestillwater.com
James WellstedHead of Investor Relations
Tel: +27 (0) 83 453 4014
Website: www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch
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 announcement 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”) future business prospects, financial positions, production and operational guidance, Mineral Resources and Mineral Reserves information, climate and ESG-related statements, targets and metrics, plans and objectives of management for future operations and ability to complete or successfully integrate ongoing and future 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 Integrated Annual Report 2020 and annual report on Form 20-F filed with the United States Securities and Exchange Commission on 22 April 2021 (SEC File no. 333-234096). These forward-looking statements speak only as of the date of this announcement. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required).
