Sibanye Gold enters into section 189 consultations on the future of the Cooke 4 Mine
Westonaria, 12 September 2014: Sibanye Gold (JSE: SGL & NYSE: SBGL) advises shareholders that a consultation process in terms of section 189A of the Labour Relations Act, 66 of 1995 ("LRA") will be entered into with organised labour and other relevant stakeholders, in order to initiate formal consultations aimed at identifying and implementing sustainable solutions to ensure delivery of the required productivity and profitability levels at the Cooke 4 mine.
The Cooke assets were primarily acquired for the significant gold and uranium mineral resources and reserves associated with the surface tailings material. These resources are critical in bringing to account Sibanye’s West Rand Tailings Retreatment Project or (“WRTRP”).
The Section 189 process involves a 60 day consultation period with trade unions and affected employees, facilitated by the CCMA. Sibanye entered into a similar process at Beatrix West Section in April 2013 following an underground fire which threatened the viability of the operation. Remedial action and restructuring undertaken following the section 189 consultation process, resulted in a significant improvement in profitability at Beatrix West Section and an extension of its forecast operating life.
The Cooke 1, 2 and 3 mines continue to operate in line with forecasts and will not be directly affected by the Section 189 process at Cooke 4.
James Wellsted Investor Relations Sibanye Gold Limited +27 83 453 4014 firstname.lastname@example.org