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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 414.48+0.7%4:00 PM EST
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To: TobagoJack who wrote (185034)3/8/2022 9:14:31 PM
From: Julius Wong  Read Replies (1) of 219167
 
Sibanye Stillwater confronts possible mine strike starting Wednesday

Mar. 08, 2022 7:32 AM ET Sibanye Stillwater Limited (SBSW) By: Carl Surran, SA News Editor 64 Comments

Sunshine Seeds/iStock via Getty Images

Sibanye Stillwater (NYSE: SBSW) -5.2% pre-market after saying the biggest unions at its South African gold mines gave notice that their workers will go on strike starting Wednesday after wage talks failed.

Sibanye CEO Neal Froneman said the company would not amend its latest wage offer, as "wage increases that are higher than inflation are not sustainable and cannot be considered."

The miner has offered to increase monthly wages by 700 rand ($46) in each of the next three years, but the unions are seeking 1,000 rand; according to Bloomberg, Sibanye's offer equates to a 6% increase in the first year, while South Africa's current consumer inflation rate is 5.7%.

Sibanye's Driefontein, Kloof and Beatrix gold mines, which employ 31K workers, produced 892K oz last year, up 10% Y/Y, while expenses increased 7% to $1,749/oz.

The strike notice from South Africa's AMCU and NUM unions came after workers at the three gold mines voted to strike last week.
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