Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Sibanye-Stillwater goes ahead with restructuring in response to falling PGM prices

27 february 2024

Sibanye-Stillwater has reached a consensus with relevant parties concerning the restructuring plan for four shafts located at its platinum group metal (PGM) operations in South Africa.

A total of 1,208 employees were offered voluntary separation or early retirement incentives, whereas 47 employees were laid off.

Approximately 800 contractor workers were also impacted, according to the miner.

“While the decision to close or restructure operations is never taken lightly, the Section 189 consultation process encouragingly achieved the requirement of addressing loss-making operations and ensuring the sustainability of our South African PGM operations and the benefits and value they bring to multiple stakeholders,” said company chief executive Neal Froneman.

Sibanye had said in October 2023 that the proposed restructuring at the Simunye shaft, Kroondal operation; the 4Belt (4B) and Rowland shafts, Marikana operation; and the Siphumelele shaft, Rustenburg operation, could affect 3,000 employees and 595 contractors.

Production at the Simunye shaft has ceased after being inactive since last year.

Although the Rowland and Siphumelele shafts continue to function, they have been repositioned to achieve cost-effective production levels that are sustainable.

The 4B shaft will remain operational provided that there are no monthly net losses. However, in the absence of such losses, in addition to other conditions, the shaft will be shut down.

Sibanye notes that the 4B tunnel is staffed with approximately 1,496 employees and 54 contractors.

It further states that since September 1, 2023, there have been 467 fewer potentially affected employees as a result of natural attrition, and 351 employees have accepted transfers to other shafts at the South African PGM operations to fill vacancies caused by natural attrition since the commencement of the Section 189 process.

Profitability issues are confronting PGM miners in South Africa, and Anglo American Platinum has announced it may retrench 3,700 employees.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished