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Gold firms form working group on lung disease

Mar 20 2016 13:26
Kevin Crowley


Company Data

HARMONY GOLD MINING COMPANY LIMITED [JSE:HAR]

Last traded 46
Change -1
% Change -3
Cumulative volume 820876
Market cap 0

Last Updated: 27-05-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 141
Change -3
% Change -2
Cumulative volume 2243633
Market cap 0

Last Updated: 27-05-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

GOLD FIELDS LIMITED [JSE:GFI]

Last traded 56
Change 0
% Change 0
Cumulative volume 1720213
Market cap 0

Last Updated: 27-05-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - South African gold-mining companies, some of which are being sued for historical incidents of lung disease, formed a working group to pay compensation to affected workers and prevent new cases occurring.

The group, which includes AngloGold Ashanti [JSE:ANG], Anglo American South Africa [JSE:AGL] and Sibanye Gold [JSE:SGL], plans to set up a so-called legacy fund to supplement compensation paid by the state, it said in an op-ed in Johannesburg-based City Press Sunday.

“While there rests a fiduciary obligation on company managements to vigorously defend the legal challenge they face, it is also within their remit to find a solution that could provide a mutually acceptable outcome for all parties concerned,” they wrote.

Sufferers of silicosis, a lung disease caused by inhaling dust from mines, are planning a class-action lawsuit against mining companies, which they say provided unsafe working conditions. Anglo American Plc’s South African unit and AngloGold settled a separate case related to silicosis earlier this month for about 500 million rand ($33 million).

African Rainbow Minerals [JSE:ARI], Gold Fields [JSE:GFI] and Harmony Gold Mining [JSE:HAR] are also part of the working group.

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