Articles for tag: Africa, cut, jobs, SibanyeStillwater, south

February 23, 2024

Ron Finklestien

mining

Sibanye-Stillwater Implements Job Cuts Amid Market Turbulence

Strategic Decisions Shape Layoffs Sibanye-Stillwater recently announced plans to reduce its workforce by 2,600 jobs in South Africa. The company attributed this downsizing to strategic decisions made in collaboration with various stakeholders. These decisions involved the closure of the Simunye shaft and the continued operation of the 4 Belt (4B) shaft at Marikana. Operational Adjustments at Marikana Mine Shaft The Marikana mine shaft, which currently employs 1,496 permanent workers and 54 contractors, will be sustained in production as long as it avoids incurring net monthly losses. This move reflects Sibanye-Stillwater’s commitment to optimizing its operations amidst challenging market conditions. Reshaping

February 1, 2024

Ron Finklestien

mining

Riding the Wave: Gold Prices Surge 1% on New US Jobs Data

Market Movement [Click here for an interactive chart of gold prices] In a surprise twist, the price of gold surged 1% in response to the latest US jobs data, releasing investors from the grip of apprehension that has prevailed since the Federal Reserve’s (Fed) reactive actions. The US dollar index remained unyielding, opening the market with a 0.2% uptick and lingering near a one-month high, placing a limit on the upward momentum of bullion. US Jobs Data Impact On Thursday, the US Labor Department report revealed that initial jobless claims ascended to a seasonally adjusted 224,000 for the week concluded on