All data is delayed
See More

Num: Xstrata may cancel share scheme

Oct 19 2011 09:40

Johannesburg - The National Union of Mineworkers (Num) said global miner Xstrata was threatening to withdraw a share ownership scheme that is at the centre of a strike action at its mines.

"Their argument is that if we are unhappy about the scheme, the voluntary scheme, they are under no obligation to come up with that programme," Num spokesperson Lesiba Seshoka told Reuters.

He warned that his union would make Xstrata's operations "ungovernable" should it go ahead to cancel the programme.

No one was immediately available for comment at Xstrata.

Thousands of workers at Xstrata's South African operations have gone on strike since Sunday, demanding that they be compensated equally under the share scheme, regardless of rank.

The company's plan compensates employees based on their level.

Around 5 180 workers or 43% of Xstrata's total workforce in South Africa are members of the Num.

num  |  xstrata  |  bee  |  miners


Read Fin24’s Comments Policy 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
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

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

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote