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Mining|Platinum
Mining|Platinum
mining|platinum

Wesizwe to post narrowed losses

25th March 2024

By: Marleny Arnoldi

Deputy Editor Online

     

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JSE-listed Wesizwe Platinum expects to report a 76% to 86% year-on-year narrowing in its loss a share to between 1.14c and 1.96c for the year ended December 31, 2023, compared with a loss a share of 8.24c posted for the prior year.

The company’s headline loss a share is expected to show an improvement of between 79% and 88% to between 0.95c and 1.77c, compared with a headline loss a share of 8.24c in 2022.

Wesizwe will publish its results on or about March 28.

The company has been mulling the restructuring of its Bakubung platinum mine, in North West, including by retrenching employees, owing to lossmaking shafts.

A switch in mining method and various labour unrest incidents since 2022 have exacerbated the mine’s problems.

Wesizwe has already stopped overtime and weekend work at Bakubung, and refrained from renewing fixed-term contracts of non-critical staff. It also placed a moratorium on recruitment of noncore staff, with the aim of reducing its bloated structure.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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