• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
See More

Harmony Gold meets unions over job cuts

Jan 18 2013 17:03 Sapa

The ANC rejected the idea of wholesale nationalisation at Mangaung in December. (File) (Shutterstock)

Company Data


Last traded 34.35
Change 0.35
% Change 0.01
Cumulative volume 929825
Market cap 14.97bn

Last Updated: 24/04/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Harmony Gold warns of retrenchments

Harmony miners denied access to hostels

Harmony may shutdown troubled mine

Harmony to brief on troubled mine

Harmony delays reopening of Kusasalethu

Controversy over closure of Harmony mine

Johannesburg - Harmony Gold Mining Company [JSE:HAR]  met with unions to discuss the planned retrenchment of about 6 000 workers at its Kusasalethu mine in Carletonville, the company said on Friday.

The company met representatives from the National Union of Mineworkers, the Association of Mineworkers and Construction Union, Solidarity and the United Association of SA on Thursday.

"Discussions related to the reasons for the recent decision by Harmony to close its Kusasalethu mine, due to safety and security reasons that have caused the mine to no longer be a viable business," the company said.

A parallel process was underway to find ways to achieve normal production levels at Kusasalethu.

The talks were brokered by a facilitator appointed by the Commission for Conciliation, Mediation and Arbitration.

Harmony Gold said the Kusasalethu mine had over seven million ounces of reserves, which equated to a lifespan of about 25 years.

"Kusasalethu will remain closed until an agreement has been reached, and all the conditions of re-opening have been agreed upon and committed to by all the unions and other stakeholders involved."

On January 3, the gates at the mine hostels were closed and miners were told the mine was shut until further notice. Miners were denied access to the mine hostel and many slept outside the gates.

Harmony said the several illegal strikes at Kusasalethu had led to situations which were unsafe and had resulted in an "elevated level of risk to all the employees".

"The December 2012 quarter results for Kusasalethu indicate a [preliminary] cash operating loss of R150m and a [preliminary] negative cash flow of R252m," the company said.

It temporarily closed its operations end of December, but would continue to pay the basic salaries of workers.

According to the company's website about 5 200 employees would be affected if the mine closed permanently.

The next facilitation session would happen on January 29.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

mines  |  jobs


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.

The rich will pay - Mpofu

The EFF in Gauteng will focus all its energy on improving the lives of the poor, the party's premier candidate Dali Mpofu says.


Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...