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Sibanye sees earnings slide on gold mining strike

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Sibanye sees earnings slide on gold mining strike

Sibanye Gold Ltd. expects its earnings to be pulled down by the strike at its gold mines in South Africa, Bloomberg News reported Jan. 7.

The strike, launched Nov. 21, 2018, by workers allied with the Association of Mineworkers and Construction Union, or AMCU, has resulted in inconsistent production at three mines, spokesman James Wellsted said in the report.

He ruled out a possible restructuring due to the strike, but said a review could be made if the impact is severe.

The looming hit to earnings could derail Sibanye's plans to cut mounting debt, according to the report.

Both parties vowed not to back down in the strike, which AMCU plans to expand to Sibanye's platinum group metals mines.