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Coal of Africa down, workers strike

Dec 04 2012 16:04 Reuters

Company Data

COAL OF AFRICA LIMITED [JSE:CZA]

Last traded 0.69
Change 0.01
% Change 0.01
Cumulative volume 318801
Market cap 723.37m

Last Updated: 24/04/2014 at 04:23. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Shares of Coal of Africa [JSE:CZA] tumble more than 7% after the junior mining company says workers have gone on a wildcat strike at its Mooiplaats operation in South Africa.

The miners are protesting the suspension of four workers for alleged misconduct during a legal strike in October.

Coal of Africa is warning that continued strike action will make the Mooiplaats operation unsustainable and lead to job losses. Its shares have fallen 7.14% to R1.69, compared with a 0.15% decline by Johannesburg's All Share index.

Workers at Coal of Africa's Mooiplaats colliery in South Africa have embarked on an illegal strike following the suspension of four workers, the company said in a statement on Tuesday.

The junior coal company said that all four underground sections had stopped operating and any continued strike action would have a severe impact on the viability of the mine and could result in job losses.
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