Sibanye Gold layoffs, on the record
Every job cut, severance charge and restructuring Sibanye Gold reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from 74,531 to about 65,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2016 | 74,531 | — |
| 20-F for 2017 | 66,472 | 31 December 2017 |
| 20-F for 2018 | about 65,000 | — |
Job cuts, severance and restructuring
Our summarySibanye revised its organisational structure during 2016 and now comprises a Gold Division and a Platinum Division, with Group Services providing non-core support functions that eliminate duplication of support and management services.
Word for word“With effect from 1 January 2016, Sibanye revised its organisational structure in order to ensure that it is optimally positioned for its entry into the PGM mining sector in 2016.” 20-F for 2016
Our summarySibanye ceased mining at the Cooke 4 shaft, a loss-making operation, as a difficult restructuring decision.
Word for word“The cessation of mining at Cooke 4 in the latter half of 2016 was one such difficult decision.” 20-F for 2016
Our summaryA restructuring of the Platinum Division was announced.
Word for word“In this regard, a restructuring of the Platinum Division was announced on 26 January 2017.” 20-F for 2016
Our summaryThe company reports a restructuring costs line in its 2016 income statement.
Word for word“Restructuring costs (187.7) (104.8) (160.3) Transaction costs (157.0) (25.7) (111.6) Net loss on derecognition of financial guarantee asset and liability - (158.3) - Reversal of impairment 11 - - 474.1 Profit before royalties and tax 5,060.8 1,316.0 2,765.5 Royalties 8.1 (546.6) (400.6) (430.5) Profit before tax 4,514.2 915.4 2,335.0 Mining and income tax 8.2 (1,243.2) (377.2) (828.1) Profit for the year 3,271.0 538.2 1,506.9 Attributable to: Owners of Sibanye 3,701.6 716.9 1,551.5 Non-controlling interests (430.6) (178.7) (44.6) Earnings per share attributable to owners of Sibanye Basic earnings per share - cents 9.1 402 79 186 Diluted earnings per share - cents 9.2 401 78 182 The accompanying notes form an integral part of these consolidated financial statements.” 20-F for 2016
Our summaryThe company runs a continuous restructuring program across the Group to improve efficiencies and productivity to restrict cost inputs.
Word for word“In order to restrict these cost inputs, there is a continuous restructuring programme throughout the Group to improve efficiencies and productivity.” 20-F for 2016
Our summaryWorkforce declined from 2016 due to cost optimisation, including retrenchment and downscaling of selected gold and PGM operations in the SA region.
Word for word“Employed 66,472 (2016: 74,531) people (including contractors) – decline in total employee numbers from 2016 was due to cost optimisation undertaken that included retrenchment and downscaling of selected gold and PGM operations in the SA region” 20-F for 2017
Our summaryRestructuring of the SA gold operations, including placing the loss-making Cooke operations on care and maintenance, after a Section 189 process was started.
Word for word“Initially at the SA gold operations, the jobs of 7,500 mine employees and 3,000 contractors were at risk.” 20-F for 2017
Our summarySection 189 process at the SA PGM operations to eliminate duplicated positions after consolidating Rustenburg and Kroondal.
Word for word“At the SA PGM operations, the aim of the Section 189 process was to eliminate duplicated positions following the consolidation of the Rustenburg operation and Kroondal within Sibanye-Stillwater.” 20-F for 2017
Our summaryRestructuring costs, including voluntary separation packages, were incurred at the SA gold and PGM operations.
Word for word“Restructuring costs, including voluntary separation packages, of R730 million, were incurred at the SA Gold and PGM operations (2016: R188 million and 2015: R105 million) after the initial restructuring at the SA PGM operations was concluded during June 2017 and following the decision to commence restructuring at the SA gold operations pursuant to ongoing losses experienced at the Cooke operations and Beatrix West mine.” 20-F for 2017
Our summaryThe company gave formal notice that it would begin consultations on possible restructuring of specific business units at its SA gold operations.
Word for word“This led to Sibanye-Stillwater giving notice on 14 February 2019, in terms of Section 189A of the Labour Relations Act, that it would be commencing formal consultations with employees and other stakeholders regarding possible restructuring of specific business units at its SA gold operations.” 20-F for 2018
Our summaryThrough the Section 189A consultation process, the company and stakeholders will look at ways to avoid and reduce possible retrenchments of employees and contractors and at alternatives to closing or downscaling shafts.
Word for word“Through the formal Section 189A consultation process, Sibanye-Stillwater and affected stakeholders will together consider measures to avoid and mitigate possible retrenchments of up to 5,780 employees and 800 contractors, and seek alternatives to the potential cessation or downscaling of operations at the affected shafts.” 20-F for 2018
Our summaryThe company reported restructuring costs in its 2018 results, down from 2017.
Word for word“Restructuring costs (143) (730) (80) (188) 288 Transaction costs (403) (552) (27) (157) 252 Net other (162) (177) (8) 68 (360) (Loss)/profit before royalties and tax (1,224) (6,981) (82) 4,812 (245) Royalties (213) (399) (47) (567) (30) (Loss)/profit before tax (1,437) (7,380) (81) 4,245 (274) Mining and income tax (1,084) 2,947 (137) (1,202) (345) (Loss)/profit for the year (2,521) (4,433) (43) 3,043 (246) The consolidation of DRDGOLD’s operational and financial results for five months in 2018, inclusion of the US PGM operations for the full year in 2018 (compared with eight months in 2017), and the cessation of the Cooke underground operations in November 2017, make” 20-F for 2018
Sibanye Gold has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Sibanye Gold’s annual reports (20-F for 2018, 20-F for 2017, 20-F for 2016) and the financial data it files with the SEC, as of 2019-04-09. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.