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Union expects deal that will end coal strike

Oct 12 2015 06:33
Siseko Njobeni

(iStock)

Company Data

EXXARO RESOURCES LIMITED [JSE:EXX]

Last traded 130
Change -4
% Change -3
Cumulative volume 1177157
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 380
Change -10
% Change -2
Cumulative volume 2022354
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

GLENCORE PLC [JSE:GLN]

Last traded 46
Change -1
% Change -1
Cumulative volume 1194530
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - The week-long strike in the coal sector could be coming to an end soon, as National Union of Mineworkers (NUM) members are mulling over the Chamber of Mines’ latest and, seemingly, attractive offer.

The new offer looks set to break the stand-off between the union and the coal companies.

NUM chief negotiator in the coal sector Peter Bailey on Sunday said the Chamber on Friday tabled a revised offer, which they have referred to the union’s branches to decide if they accept it or not.

“We will get consolidated feedback from the branches on Monday. After that we will meet with the chamber on Monday afternoon. It looks like we will have a deal, but I do not want to preempt what the branches will say,” Bailey said.

He said the new offer was “attractive enough” for the union to refer it to members. This comes after the NUM rejected a previous offer on Thursday.

Workers in the coal sector have been on strike since last Sunday, demanding, among others, higher wages. The strike has hit companies such as Anglo Coal [JSE:AGL], Glencore [JSE:GLN] and Exxaro Coal [JSE:EXX].

The strike has attracted national attention because of the effect it could have on Eskom’s ability to supply electricity.

A prolonged strike would result in the depletion of Eskom’s coal stockpiles, threatening power generation.

Eskom has consistently said it has no immediate fears of a power supply crunch because of the strike as it has enough stockpiles at its coal-fired power stations.

anglo american  |  glencore  |  eskom  |  exxaro  |  coal
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