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Thursday, 11 July 2024 11:54

Sibanye Stillwater hit by cyberattack, mining business unaffected.

By Lehlohonolo Lehana.

The mining group Sibanye-Stillwater has become the latest victim of a cyber attack affecting its IT systems globally, but production had been unaffected.

In a statement issued on Thursday, the miner said it implemented immediate containment measures as soon as it became aware of the incident.

Sibanye-Stillwater has operations across five continents.

The response measures to the incident include proactively isolating IT systems and safeguarding data.

"While the investigation into the incident is ongoing, there has been limited disruption to the Group's operations globally," said the group.

"Sibanye-Stillwater takes this incident seriously and is committed to addressing the cyber-attack."

"Our efforts remain focused on working towards the full remediation of the effects of this attack. We are voluntarily reporting this incident to the appropriate regulators and will provide further updates as necessary"

The news is yet another blow for Sibanye, which has had to cut over 11,000 jobs from its workforce over the last year and a half.

CEO Neal Froneman said that the restructuring follows the company's need to "align with the reduced operating footprint following the necessary operational restructuring for greater regional sustainability and profitability."

For the financial year ended 31 December 2023, the group reported an R37.9 billion loss after taking an impairment against its US palladium mine. The fall of Platinum Group Metals (PGMS) prices following the post-COVID boom did not help matters.

Amid the poor performance of the company, Froneman's salary was cut by over R140 million to R56 million in 2023.

Froneman also commented on a clash of ideologies between east and west adding that Sibanye-Stillwater positioned itself as a provider of critical metals to the under-supplied West.

"We have to help level playing field as most of companies we compete against are Chinese state owned companies who talk about debt in terms of percentages," he said. "You can't compete in the western capital market with companies that allow percentages of debt on balance sheet."