The South African company Sibanye-Stillwater said it could carry out the staff cuts. It is assumed that the manufacturer intends to cut almost 6,000 jobs because of the restructuring of gold mining operations.
The South African gold producer has faced a profit decline provoked by rising prices and an ambiguous state of the labor market.
The Sibanye-Stillwater has both platinum and gold mines in the Republic of South Africa and about 61,000 employes.
According to the company representatives, the Sibanye-Stillwater’s 2018 bullion production has come in at 1.1 million ounces. The manufacturer failed to achieve the planned results, having implementated plans to minimize costs.