PRECIOUS metals producer Sibanye-Stillwater this week made a fresh conditional offer during wage talks with organised labour at its South African gold operations.
Sibanye, said the offer is set to increase the wage bill at its gold operations by R1.4 billion by July 2023. Organised labour said last month they want the wages of their members at Sibanye’s gold mines to be hiked by R1500 per month for the next three years.
However Sibanye, whose gold operations were spun off from Gold Fields eight years ago, said above-inflation wage increases would jeopardise the sustainability of the gold operations.
Richard Cox, executive vice-president for SA Gold Operations, said after five years of solid operations, the gold operations had only recently returned to normalised operating levels following severe disruptions, including the five-month strike most recently due to Covid-19.
“At the same time, we have had to manage significant cost pressures. Over the past eight years, electricity tariffs have increased by 132% – that is 79% above inflation – while total guaranteed income for entry-level underground employees has more than doubled,” he said.
BUSINESS REPORT ONLINE