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Proposals for gold sector stability

Oct 10 2012 07:59 Sapa
Striking Gold Fields mine workers.

Striking Gold Fields mine workers.

Company Data

GOLD FIELDS LIMITED [JSE:GFI]

Last traded 42.72
Change 0.22
% Change 0.01
Cumulative volume 1474599
Market cap 33.10bn

Last Updated: 30/07/2014 at 04:25. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLOGOLD ASHANTI LIMITED [JSE:ANG]

Last traded 187.91
Change -3.01
% Change -0.02
Cumulative volume 287322
Market cap 75.81bn

Last Updated: 30/07/2014 at 04:25. Prices are delayed by 15 minutes. Source: McGregor BFA

HARMONY GOLD MINING COMPANY LIMITED [JSE:HAR]

Last traded 33.73
Change -0.36
% Change -0.01
Cumulative volume 280117
Market cap 14.70bn

Last Updated: 30/07/2014 at 04:23. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - A number of proposals aimed at restoring stability in the gold mining sector were discussed at a meeting with unions on Tuesday, the Chamber of Mines said in a statement.

Senior executive Elize Strydom said in a statement that it was critical for all parties to work at resolving the unprotected strikes facing the industry.

"This is important not only for the companies, the unions and the mineworkers, but also for the economic and social well-being of the country as a whole."

The National Union of Mineworkers, Solidarity and the United Association of SA met the Chamber and reiterated their commitment to the collective bargaining processes and existing collective agreements.

The Chamber endorsed a proposal previously made by the Congress of SA Trade Unions, that a commission of inquiry be appointed to probe the living and working conditions in the gold mining industry.

Speaking for AngloGold Ashanti [JSE:ANG], Gold Fields [JSE:GFI] and Harmony Gold Mining Company [JSE:HAR], the Chamber proposed doing away with category three, so that entry level in the gold mining industry became category four. As such, the entry level rate would be increased.

A new category would be created for locomotive, loader, winch and water jet operators, which would improve salaries.

Other employees would also have their pay adjusted to preserve the integrity of the present job grading framework.

An allowance for rock drill operators was also proposed.

The meeting also recommitted to finalising their discussions on better use of mining assets and improved productivity by March next year.

On Wednesday, the unions would present the Chamber's proposals to their members.


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num  |  chamber of mines  |  mining unrest
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