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Sibanye's troubles continues as class action lawsuit looms

29 June 2018 1:42 PM
Tags:
Gold mining company Sibanye Gold
Sibanye Gold lawsuit
Mining Analyst Peter Major says the potential class action lawsuit should not be disregarded by Sibanye.

The troubles at Sibanye-Stillwater continue as the mine now faces potential class action from a number of US law firms.

US-based law firm Bernstein Liebhard said on Thursday that it had filed a class action lawsuit against Sibanye Gold Limited (the legal name of Sibanye-Stillwater).

This follows Sibanye-Stillwater’s share price which drooped drastically, more than 75% in the past 16 months.

Mining Analyst at Cadiz Corporate Solutions, Peter Major, says the mine should take these threats by Americans very seriously.

Whenever you dealing with Americans and it's a class action legal, you have to take it very seriously.

Peter Major, Mining analyst

What I see is very serious, it is a class action suit because the share price went down.

Peter Major, Mining analyst

The law firm said that Sibanye-Stillwater has failed to disclose the issues of safety at its mines and that “its company culture places short-term profits over safety”.

However, Major says the misrepresentation might have been on the side of the Bernstein Liebhard because South Africa takes safety issues very serious, more than American companies.

Following the tragic incidents that took place at the mine this past month, the mine will be hosting a safety seminar on Friday at its operations across the country.

Sibanye-Stillwater's spokesperson, James Wellsted, says the company has new safety features at its mines to curb further miner deaths.

Read: Sibanye Gold: We need to understand why mine deaths have increased

This is a summit to pull the stakeholders together in order to collectively address the safety issues we are facing at the moment.

James Wellsted, Sibanye Gold spokesperson

The intention is to establish multi-stakeholder work groups to try and workout responses to these issues and implement some changes.

James Wellsted, Sibanye Gold spokesperson

To hear the rest of the interviews on Sibanye-Stillwater, listen below:


29 June 2018 1:42 PM
Tags:
Gold mining company Sibanye Gold
Sibanye Gold lawsuit

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