Loading...
See More

Zuma sounds recession warning

Sep 17 2012 17:12 AFP
Demonstrators hold a placard during march by prote

Demonstrators hold a placard during march by protesting miners in Rustenburg. (AFP)

Company Data

Lonmin plc [JSE:LON]

Last traded 0
Change 1,45
% Change 0
Cumulative volume 881220
Market cap 18.40bn

Last Updated: 21-11-2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Zuma urges miners, bosses to end dispute

Lonmin cuts full-year sales forecast

Mines reopen, situation still tense

Lonmin: We can't meet pay demands

Gordhan: No financial bail-out for mines

Mediators: Miners not married to R12 500

 
Johannesburg - South Africa's gold and platinum mines have lost R4.5bn to forced stoppages this year, President Jacob Zuma said Monday, warning that the country can ill afford a recession due to growing mining unrest.

"Our financial indicators indicate that the total rand value of production lost in the gold and platinum group of mines due to work stoppages over the past nine months is close to R4.5bn," Zuma told a Cosatu conference.

Addressing the four-day conference of the main umbrella union, Zuma urged striking mine workers and employers to find a solution to a spike in labour troubles that has flared into bloodshed and led to mine closures.

The government has struggled to rein in the growing unrest in the platinum belt in northwestern Rustenburg where a deadly wildcat stay-away at the Lonmin [JSE:LON] Marikana plant forced temporary suspensions at several nearby operations.

The National Treasury had forecast an indirect loss of R3.1bn from strikes and stoppages on mines, said Zuma.

"The impact goes beyond the mining sector. The manufacturing sector... is already showing signs of strain," he cautioned.

"We cannot afford to go into a recession, and revert to the 2008 and 2009 period where the country lost close to a million jobs, which we are still battling to recover."

The government on Friday announced a crackdown on the unrest, sending the police with army support in the strik- hit Marikana area to stabilise the area.

* Follow Fin24 on TwitterFacebookGoogle+ and Pinterest.  


lonmin  |  jacob zuma  |  recession  |  mining unrest
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
45 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

BMW drift battle: M235i vs. speedway bike

Watch this insane drift contest with four-times dirt-track World champion Karl Maier riding a speedway bike against a BMW M235i.

 
 

Men24.com

Want to start talking dirty?
Everyday struggles of naturally skinny guys
And this year's Miss Bumbum title goes to...
How to maintain your mo, bro

Money Clinic

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