Sibanye-Stillwater (JSE: SSW) said on Tuesday it plans to restructure the Kwezi shaft at its South African platinum group metal (PGM) operations to stem losses, a move that could impact 1,114 jobs.
The diversified miner said in a statement that the Kwezi shaft is approaching the end of its life and is forecast to make a loss during the second half of 2026 due to declining production.
It said it will begin consultations with unions over the proposed restructuring, which could potentially affect 781 employees and 333 contractors.
The company said a proposed project to access shallower mineral reserves and extend the shaft’s life had met objections and approval delays.
“Without those additional reserves, the remaining ore body has been depleted faster, reducing the shaft’s long-term viability,” Sibanye said.
The Kwezi shaft reported cumulative losses of 299 million rand ($18.62 million) in 2024 and 2025. And although stronger PGM prices supported positive margins during the first half of 2026, the shaft is forecast to return to losses during the second half of the year.
Kwezi produced 20,658 ounces in the first half of 2026, representing less than 3% of Sibanye’s South African PGM production during the period.
The restructuring announcement comes as Sibanye faces strike action at parts of its U.S. platinum group metals operations in Montana. Unionised workers at the Stillwater East mine and Columbus metallurgical facility walked out of work last week amid negotiations over a new labour agreement.
($1 = 16.0586 rand)
(Reporting by Nelson Banya; Editing by Mark Potter and Joe Bavier)
