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Sibanye flags up to 7,400 job cuts at loss-making South African gold mines

Sibanye Gold Ltd. said Aug. 3 that up to 7,400 jobs may be affected as it looks to restructure the loss making Beatrix West and Cooke gold projects in South Africa.

The move follows various attempts by the company to contain losses at these operations, which negatively impact overall group cash flow and economic viability of other operations in South Africa.

"Through the ... consultations, the company and affected stakeholders will consider alternatives to potential closure of the operations in an attempt to avoid or reduce retrenchments," Sibanye said in a statement.