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Gold miners still negotiating

Jul 11 2011 09:53 Sapa

Company Data

ANGLOGOLD ASHANTI LIMITED [JSE:ANG]

Last traded 186.67
Change -4.98
% Change -0.03
Cumulative volume 113725
Market cap 75.31bn

Last Updated: 24/07/2014 at 01:35. Prices are delayed by 15 minutes. Source: McGregor BFA

HARMONY GOLD MINING COMPANY LIMITED [JSE:HAR]

Last traded 34.03
Change -0.47
% Change -0.01
Cumulative volume 283249
Market cap 14.83bn

Last Updated: 24/07/2014 at 01:45. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Mineworkers in the gold sector will continue wage talks with their employers on Wednesday, the National Union of Mineworkers (Num) said.

"If there is no resolution, we will inform them of our intention to strike," said spokesperson Lesiba Seshoka on Monday.

Members were already mobilising for possible strike action as they believed the Chamber of Mines was dragging its feet on salary negotiations.

The Num, the United Association of SA (Uasa) and Solidarity represented about 140 000 employees working for chamber-member companies such as AngloGold Ashanti [JSE:ANG], Harmony Gold Mining Company [JSE:HAR] and Goldfields.

Last week, chamber negotiator Elize Strydom said it had increased its wage offer to 5% for the lowest paid employees and 4.5% for the rest.

The Num and Uasa hoped to raise the chamber's offer to 14%.

Solidarity members wanted 12%. Solidarity submitted a lower figure in light of the production environment and 4.6% consumer price inflation.

It felt its figure, although still above inflation, would help retain skilled employees.

The chamber recently said production in the gold mining industry had consistently declined and it faced pressure from the high costs of electricity, water and fuel.
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