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Gold miners reject latest pay offer

Oct 11 2012 12:20 Reuters
Striking Gold Fields mine workers.

Striking Gold Fields mine workers.

Company Data

GOLD FIELDS LIMITED [JSE:GFI]

Last traded 0
Change -0,24
% Change 0
Cumulative volume 2486873
Market cap 37.22bn

Last Updated: 21-11-2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLOGOLD ASHANTI LIMITED [JSE:ANG]

Last traded 0
Change 4,01
% Change 0
Cumulative volume 1007372
Market cap 44.01bn

Last Updated: 21-11-2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Striking gold miners have rejected the industry's latest wage offer, the National Union of Mineworkers (NUM) said on Thursday, dimming hopes that wildcat strikes that have paralysed the industry could come to an end.

"This was a final offer from the companies. They said take it or leave it," NUM spokesperson Lesiba Seshoka said. "Now that it has been rejected our options have been exhausted."

Since August almost 100 000 workers across South Africa - including 75 000 in the mining sector - have downed tools in often illegal and violent strikes that may hit economic growth this year and undermine investor confidence in the minerals hub.

Africa's top two bullion producers AngloGold Ashanti [JSE:ANG] and Gold Fields [JSE:GFI] have been hit by an estimated 48 000 miners taking to the streets fighting for higher wages.

The wildcat strikes, which started in the platinum industry and spread to other mining companies and beyond, have raised questions about President Jacob Zuma's leadership and tarnished South Africa's reputation among foreign investors.

Production of platinum group metals fell 1.9% in August compared to the same month last year, data showed on Thursday, a sign the unrest was taking its toll on Africa's biggest economy.

Gold output still rose 0.4% in August as the strikes only spread to bullion the following month.

The rand fell to a three-and-a-half year low against the dollar earlier this week and Moody's cut South Africa's government bond rating last month, citing the government's difficulty in keeping up with spreading unrest.



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