Sibanye Gold, South Africa’s biggest gold producer, is considering buying platinum mines once the strike is resolved.
James Wellsted, a company spokesman, has said that although nothing specific is currently on the table, Sibanye is open to the idea of buying platinum mines. The company anticipates that some platinum producers may choose to relinquish their mines once the strike has ended.
After 11 weeks of strike action, platinum giants Anglo American Platinum, Impala Platinum and Lonmin have warned that they might be forced to close shafts or sell assets. The companies have reported a revenue loss of over R12 billion, while employees’ wage losses exceed R5.3 billion to date.
Sibanye has been the country’s best-performing gold producer in 2014 as a result of its successful wage negations with unions, bringing stability to the sector, and strategically cut costs. This provides Sibanye with the necessary potential to replicate this success in the platinum sector, Wellsted said.