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Sibanye: 330 layoffs expected at platinum ops amid cost-cutting drive

Sibanye Gold Ltd. may let go of about 330 workers as it looks to achieve 800 million South African rand in cost cuts at its Kroondal and Rustenburg platinum operations in South Africa.

The company on Jan. 26 said it has started a consultation process at the operations for the proposed restructuring, with a final decision to be made after talks with unions and relevant employees.

"The reduction in replicated overhead costs and duplicate structures is a critical first step in realizing these synergies," Sibanye said.

It acquired the Rustenburg operation from Anglo American Platinum Ltd., or Amplats, in 2016 for 4.5 billion rand, while the Kroondal project is a 50/50 joint venture between Amplats and Sibanye.