SIBANYE GOLD ENTERS INTO SECTION 189 CONSULTATIONS ON THE FUTURE OF THE COOKE 4 MINE
Westonaria, 12 September 2014: Sibanye Gold (JSE: SGL & NYSE: SBGL) advises shareholders that a consultation process in terms of section 189A of the Labour Relations Act, 66 of 1995 (“LRA”) will be entered into with organised labour and other relevant stakeholders, in order to initiate formal consultations aimed at identifying and implementing sustainable solutions to ensure delivery of the required productivity and profitability levels at the Cooke 4 mine.
The Cooke assets were primarily acquired for the significant gold and uranium mineral resources and reserves associated with the surface tailings material. These resources are critical in bringing to account Sibanye’s West Rand Tailings Retreatment Project or (“WRTRP”).
The Section 189 process involves a 60 day consultation period with trade unions and affected employees, facilitated by the CCMA. Sibanye entered into a similar process at Beatrix West Section in April 2013 following an underground fire which threatened the viability of the operation.
Remedial action and restructuring undertaken following the section 189 consultation process, resulted in a significant improvement in profitability at Beatrix West Section and an extension of its forecast operating life.
The Cooke 1, 2 and 3 mines continue to operate in line with forecasts and will not be directly affected by the Section 189 process at Cooke 4.
Sibanye Gold Limited
+27 83 453 4014
Latest posts by Paul Ebeling (see all)
- How To Launch A Business In MENA With Limited Connections - November 28, 2015
- World Readies For China’s RMB Yuan’s Inclusion Into SDR - November 28, 2015
- Major Oil Giants Line Up For Deals In Iran - November 28, 2015
- Sheikh Mohammed, “UAE to be a ‘Beacon of Stability’ in Middle East” - November 28, 2015
- Money, Pressure, Lack Of Sleep Cause Stress Worldwide - November 28, 2015
NYSE Adopts New Trading Rules The New York Stock Exchange ... read more
EUR/USD Ended The Week In Quiet Trade Euro EUR/USD traded ... read more
Platinum Discount To Gold Widens $PPLT, $GLD, $PALL Wednesday, Platinum ... read more