Sibanye-Stillwater says a strike at its gold mines was meant to push for above-inflation wage increases at the group’s platinum group metals (PGMs) assets.
“Our strike in gold is not about gold wages,” company chief executive Neal Froneman was quoted as saying.
“It’s really about setting the scene about what will take place in PGMs. We will not tolerate an increase that is much above inflation.”
The National Union of Mineworkers and the Association of Mineworkers and Construction Union called for the strike, which started on March 8.
Froneman said despite high average PGM prices, excessive wage increases would create “a cost squeeze”.
“There are many ways to share value and I have no problem with that. You don’t do it by ratcheting up fixed costs,” he said.
“There is a real likelihood the world is going into a recession in a short time and we can’t allow commodity prices to confuse us in wages and salaries.”
Sibanye-Stillwater produced 1.84 million 4E ounces of PGMs and 1.1 million oz of gold from its South African operations in its 2021 financial year ended December 31.
Mathew Nyaungwa, Editor in Chief of the African Bureau, in Zimbabwe, Rough&Polished
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