Sibanye signs wage deal, ending lockout at South Africa operations
Jun. 13, 2022 8:58 AM ETSibanye Stillwater Limited (SBSW)By: Carl Surran, SA News Editor6 Comments
Sibanye Stillwater (NYSE:SBSW) said Monday it lifted the lockout at its South African gold operations after signing a three-year wage deal, effective July 1, ending a strike that began three months ago.
Sibanye Stillwater (SBSW) said the agreement results in an average 6.3% wage increase over a three-year period and is in line with its effort to achieve an inflation-related increase.
The operational start-up of the mines will be phased in over 2-3 months to ensure the safe resumption of production.
The company's Driefontein, Kloof and Beatrix gold mines produced 892K oz. last year, up 10% Y/Y.
Citing weaker PGM markets and the impact of cost inflation, RBC Capital recently downgraded shares to Sector Perform from Outperform.