• BEE winners and losers

    Creating real change and real jobs requires a new ideology, says Gerhard Papenfus.

  • Governance matters

    Addressing risk well and timeously can be a source of growth, says Ian Mann.

  • Road to riches

    Taxpayers keep funding structures with big plans but who knows what efficacy, says Mandi Smallhorne.

Loading...
See More

Harmony warns about jobs as strike ends

Sep 08 2013 17:04 AFP, Sapa

View gallery of the gold mine strike. (Shutterstock)

Company Data

HARMONY GOLD MINING COMPANY LIMITED [JSE:HAR]

Last traded 21
Change 0
% Change -2
Cumulative volume 159231
Market cap 0

Last Updated: 31-03-2015 at 01:34. Prices are delayed by 15 minutes. Source: McGregor BFA

GOLD FIELDS LIMITED [JSE:GFI]

Last traded 52
Change -1
% Change -2
Cumulative volume 490968
Market cap 0

Last Updated: 31-03-2015 at 01:33. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLOGOLD ASHANTI LIMITED [JSE:ANG]

Last traded 116
Change 0
% Change 0
Cumulative volume 224049
Market cap 0

Last Updated: 31-03-2015 at 01:32. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

NUM accuses Amcu of provoking violence

Gold mine strike: A wait-and-see game

Gold mine strike fizzling out

NUM optimistic on strike resolution

NUM: Gold strike partially over

Gold producers want strike action to end

 

Johannesburg - A gold miners' strike has ended after workers at Harmony Gold [JSE:HAR] accepted a final wage offer, the country's second-largest producer of the precious metal said Sunday.

Tens of thousands of gold miners went on strike over pay on Tuesday night, but most had already returned to work after agreeing wage deals of between 7.5% and 8.0%.

Workers at Harmony's mines in the Free State and Northern Cape initially held out for a better deal, but the company said they now accepted.

"Members of the National Union of Mineworkers (NUM) have accepted the same offer made by other producers in the industry, and have returned to work," Harmony Gold said in a statement.

Gold remains a key industry for the economy, employing around 140 000 people and accounting for 10% of export earnings and 3% of the Gross Domestic Product.

But falling gold prices, a declining grade of ore and increased costs such as electricity and wages, have drained revenues.

Harmony chief executive Graham Briggs said the present wage agreement was "in the interests of long term industrial relations stability", yet warned such hikes could not be repeated.

Jobs warning

"Continued industrial action will make this increase unaffordable, and place the future viability of some of our operations under threat. This, in turn, could have an impact on jobs," he said.

"Harmony would like to urge all its employees who had embarked on strike to start reporting for work as from tonight [Sunday]," the company said in a statement, according to Sapa.

NUM general secretary Frans Baleni said the union is still in consultation with members and will be finalising everything with employers on Monday.

Under the a two-year offer, category four and five employees, and rock drill operators would receive increases of 8% and other employees 7.5%, with effect from July 1 2013.

Employees would also receive inflation-linked increases with effect from July 1 next year, Strydom said.

The current monthly living out allowance of R1 640 would increase to R2 000 in two R180 steps, on September 1 this year, and again next year.

Negotiators resolved the wage dispute in a fairly short time after the strikes started, averting a repeat of the protracted and violent stoppages that shook the country a year ago.

AngloGold Ashanti [JSE:ANG], Gold Fields [JSE:GFI], Rand Uranium, Sibanye Gold and Village Main Reef were affected by the strike.



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

NEXT ON FIN24X

 
 
 

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
4 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 

Money Clinic

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

Voting Booth

How will you manage Vodacom’s price hike for contracts?

Previous results · Suggest a vote

Loading...