2023-08-01 09:52:00 ET
Sibanye Stillwater ( NYSE: SBSW ) -8.2% in early trading Tuesday after saying it suspended mining operations at its Kloof 4 shaft in South Africa, which produces 14% of the company's gold output, after it suffered infrastructure damage.
Sibanye ( SBSW ) said the incident occurred July 30 during a standard safety trial run of the conveyance system conducted before workers were hoisted up the shaft, adding that no injuries occurred.
"During a standard safety trial run of the conveyance system, conducted prior to hoisting employees up the shaft, infrastructure damage occurred when the ascending counterweight to the conveyance encountered an unknown obstruction in the shaft, resulting in a number of ballast plates falling down the shaft," the company said.
Sibanye ( SBSW ) said the extent of structural damage to the shaft steelwork has not yet been established but "may result in a significant delay to the resumption of operations below 39 level."
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Sibanye Stillwater suspends Kloof shaft operations after incident causes damage