Sibanye-Stillwater receives strike notice from NUM and AMCU

Sibanye-Stillwater CEO Neal Froneman commenting on the notification from AMCU and NUM said: “It is very disappointing that the two unions have chosen this course of action despite our ongoing engagement in an attempt to reach agreement on wages since June 2021. The offer we made on 4 February 2022 is fair, taking into consideration current inflationary living costs, considers the sustainability of the SA gold operations and the interests of all stakeholders for the long term. The offer is final; wage increases that are higher than inflation are not sustainable and cannot be considered.”

As a reminder, the final offer is for three years and would mean that:

• Category 4 – 8 employees will receive an average increase of 6.0% in year 1 equivalent to an additional R800 per month; 5.7% in year 2, equivalent to a further R800 per month; and 5.4% in year 3, again equivalent to an additional R800 per month. The R800 includes a R100 increase in the Living Out Allowance each year
• In rand terms, these inflations linked increases will result in wages for entry-level Category 4 underground production increasing by around R34,397 over the three-year period to an average total guaranteed income of approximately R245,110 per annum
• Miners, Artisans and Officials will receive an increase of 5% in years 1, 2 and 3

“There are no winners in a strike. Not only would strike action undermine employment and the livelihoods of many people who depend on the SA gold operations, but employees will gain little to nothing from it. We urge employees to carefully consider the consequences of strike action on them personally and collectively. Strike action will only serve to jeopardise the sustainability of our gold operations and, ultimately, their futures,” concluded Froneman.

For more information, please refer to https://www.sibanyestillwater.com/features/gold-wage-negotations-2021/.

Investor relations contact:
Email: ir@sibanyestillwater.com
James WellstedHead of Investor Relations
Tel: +27 (0) 83 453 4014
Website: www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited  

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

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