Sibanye Gold Limited

Sibanye Gold Limited ( SBGL ) Accused of Forcing Its Miners to Work in Perilous Conditions

According to the complaint against Sibanye Gold Limited ( SBGL ), almost half of South Africa’s 2018 mining fatalities occurred in Sibanye mines—a poor reflection on Sibanye’s culture, which places short-term profits over safety.  The truth about Sibanye’s hazardous practices came to light on June 13, 2018, when an article claimed that Sibanye’s supervisors forced and intimidated miners to work in dangerous conditions.  The article noted that several of Sibanye’s gold miners were forced to work in an abandoned underground shaft where they choked to death from gas and poor ventilation, while others were killed in a seismic event the month prior.  On June 27, 2018, Bloomberg reported that Citigroup Inc. expressed concerns that Sibanye has taken “unsustainable short-term measures” to boost earnings, including cutting capital spending, reducing management oversight, and mining high-grade pillars that were previously “too dangerous” to exploit.  Since news of the deaths at Sibanye became widely known, Sibanye’s stock fell over 14% to close at $2.25 per share on June 27, 2018.

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