Sibanye-Stillwater has experienced a cyber attack which is affecting its IT systems globally.
After becoming aware of the incident, the group said that immediate containment measures were implemented in line with its Incident Response Plan, proactively isolating its IT systems 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.
He did, however, pocket R96.38 million from a put option despite the company’s share price nosediving.
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