Sibanye Tumbles as 2018 Deaths Reach 21 With Latest Accident

JOHANNESBURG (Capital Markets in Africa) – Sibanye Gold Ltd. shares fell after another worker was killed at its Driefontein operation in South Africa, bringing the total deaths at the company’s mines this year to 21.

Sibanye accounts for nearly half of the 46 people reported killed at South African mines in 2018 and is already the subject of an investigation by the chief inspector of mines. The company said last week it named a new head of safety and would fund an independent study on ways to improve risk management.

The shares fell as much as 7.4 percent in Johannesburg, the most in a month, and traded 6.9 percent lower at 10:18 a.m. in Johannesburg. Sibanye has dropped 43 percent this year as it faces pressure to cut debt and grapples with a deteriorating safety record, while gold and platinum prices have edged lower.

The employee at the Khomanani mine, part of the Driefontein operation, was caught by a scraper, Sibanye said in a statement Tuesday. It’s unclear why he entered the equipment’s path, the company said.

Sibanye will host a second “safety summit” on Friday aimed at addressing the incidents, the company said. It held a similar event last month.

South Africa’s Department of Mineral Resources, which has started an investigation into the latest incident, is concerned at the rate of accidents at Sibanye this year, it said on Twitter.

Source: Bloomberg Business News