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Sibanye reverses itself on closing loss-making South African mines

Published 10/16/2017, 03:59 PM
Updated 10/16/2017, 03:59 PM
© Reuters.  Sibanye reverses itself on closing loss-making South African mines
  • Sibanye Gold (SBGL -0.2%) has decided not to close some of its platinum operations in South Africa, saying it has achieved bigger than expected cost savings from recently acquired businesses.
  • SBGL had said in January it might cut up to 330 jobs in platinum operations acquired from Anglo American (LON:AAL) Platinum and Aquarius Platinum, and warned August that it would restructure its loss-making Beatrix West and Cooke operations, a move that could have affected 7,400 employees.
  • Since then, however, SBGL says its platinum group metals operations have delivered "solid operational results" in H1 2017, prompting an upward revision to its 2017 production forecast and a downward revision to guided costs.
  • Now read: Sibanye Gold Is Basic Materials Broker Favorite For September Gains


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