Sibanye gold
[TIMELINE] Mine safety at Sibanye-Stillwater mines in focus
The company has experienced three fatal incidents in 2018, most of them related to miners being trapped underground.
After 31 hours underground, nearly 1,000 miners from the Sibanye Gold's Beatrix mine in the Free State have been evacuated after power to the mine failed due to heavy storms in the area.
The workers were brought to the surface this morning having spent more than 30 hours underground due to a power failure.
Nearly 1,000 mineworkers were trapped underground at the company's Welkom mine this week following an electric cable outage caused by a storm.
Lonmin, the world’s third biggest platinum producer, has faced the combined pressures of low platinum prices and challenges of operating in South Africa.
Its share price in London was up 18% by 0822 GMT, while Sibanye-Stillwater’s fell 2.6% in Johannesburg trade.
The company signed the agreement with Solidarity, the National Union of Mineworkers and the Association of Mineworkers and Construction Union.
Sibanye last week said it had to retrench the workers at its Cooke gold operations because it had been experiencing difficulties for some time and accumulated losses.
The National Union of Mineworkers says Sibanye has issued termination letters to over 2,000 mine workers at its Cooke gold operation.
Sibanye said in January it might cut up to 330 jobs in platinum operations acquired from Anglo American Platinum and Aquarius Platinum.
The company posted a headline loss per share of 147 cents for the six months to 30 June, in line with what it had previously flagged to the market.
Six mining companies, including Sibanye Gold and Anglo American, have provisionally set aside around up to R100 million for a possible settlement.
A class action suit, mostly relating to the fatal lung disease silicosis, was filed on behalf of miners in 2012.
Sibanye Gold announced on Thursday that it intends to retrench around 7,400 workers at its Gauteng and Free State operations.
Sibanye Gold on Thursday announced planned retrenchments of around 7,400 employees at its Gauteng and Free State operations.
Underscoring the scale of the problem, 461 illegal miners have been arrested at Cooke since the stoppage began.
Workers are protesting against a company drive to root out illegal miners which has included the arrests of employees for collusion.
The strike began after Sibanye announced that it would be implementing measures to combat illegal mining in its shafts.
The strike ensued after the company announced that it will be implementing measures to combat illegal mining on all its shafts.