• Inside Labour

    Without radical policy change SA's social fabric will continue to fray, says Terry Bell.

  • Long live your gadget

    Real gadget protection tends to cost real money, writes Arthur Goldstuck.

  • Taking SA for a ride

    The ANC seems to think all South Africans are idiots, says Mzwandile Jacks.

Data provided by iNet BFA
Loading...
See More

SA mine tensions rumble on

Nov 02 2012 14:34 Reuters

Protesting NUM miners

Company Data

Anglo American Plat Ltd [JSE:AMS]

Last traded 444.24
Change -8.83
% Change -0.02
Cumulative volume 171030
Market cap 119.80bn

Last Updated: 29/08/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLOGOLD ASHANTI LIMITED [JSE:ANG]

Last traded 180.88
Change 0.6
% Change 0.00
Cumulative volume 647546
Market cap 72.98bn

Last Updated: 29/08/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

Lonmin plc [JSE:LON]

Last traded 40.13
Change -0.03
% Change 0.00
Cumulative volume 394618
Market cap 22.90bn

Last Updated: 29/08/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Amplats: Mining in financial distress

Amplats mines still down

Amplats miners won't return to work

AngloGold suspends ops due to sit-in

NUM makes pay deal breakthrough

Coal of Africa miners get 26% increase

 

Johannesburg - AngloGold Ashanti [JSE:ANG] suspended operations at one of its mines on Friday, a sign that labour tensions continue to bubble in the sector despite the official resolution to end weeks of wildcat walkouts.

The world’s third-largest bullion producer said workers halted production at its TauTona mine, 65km west of Johannesburg, with a sit-in protest over bonus payments.

“There are about 300 people doing a sit-in underground. Management is talking to them,” spokesperson Alan Fine said.

Another sit-in at the company’s Mponeng mine ended on Thursday but operations were only expected to resume on Sunday night as some repairs needed to be carried out, he added.

In the last three months, more than 80 000 miners have downed tools in the most damaging mining unrest since the end of apartheid in 1994.

The stoppages have hit platinum and gold output, threatening economic growth and have exposed President Jacob Zuma and the ANC to criticism for failing to manage labour relations.

More than 50 people have died - most of them shot dead by police - and the unrest has harmed South Africa’s reputation as an investment destination.

Financial distress

Management threats of mass dismissals, along with pay sweeteners, have ended most of the strikes in the last two weeks, but tensions at individual mines are still simmering.

On Thursday, global diversified mining firm Xstrata dismissed 400 workers on an illegal strike at its Kroondal chrome mine that had shut down most of the plant.

Anglo Platinum [JSE:AMS] (Amplats), the world’s top producer of the precious metal, is still struggling to get more 30 000 workers back to work, with an illegal strike at its Rustenburg operations now in its seventh week.

The strike has cost it 141 640 ounces of platinum so far.

Amplats' chief executive Chris Griffith said on Thursday the platinum industry was in “severe financial distress” and that high wage settlements to get wildcat strikers back to work would lead to job cuts.

Miners have been emboldened by an increase of up to 22% in wages given by platinum producer Lonmin [JSE:LON] to end a strike at its Marikana mine, where police killed 34 miners on August 16.

Junior miner Coal of Africa said it had agreed to up wages for workers at its Mooiplaats colliery by 26%, including allowances, following a legal strike at the mine. 

The SA Reserve Bank and finance ministry have warned that double digit pay increases could be inflationary. Further job losses in the industry are also expected to push up an unemployment rate already at 25.5%.

Even though Zuma’s handling of the unrest has caused internal party concern, he remains favourite to win re-election at an ANC leadership conference in December, teeing him up for another five years as national president from 2014.

 
mining unrest
NEXT ON FIN24X

Implats mulls mechanisation

2014-08-29 06:00

 
 
 

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

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

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