South African Gold Mines “Would Not Weather Strike” (BusinessDay)
BusinessDay has reported that the South Africa Chamber of Mines has warned if the Association of Mineworkers and Construction Union (Amcu) won the right to strike in the gold sector, it would devastate producers. The implications of a protracted work stoppage at gold mining companies would be more severe due to the generally lower profit margins compared to their platinum sector counterparts.
Amcu is now in its fifth month of a wage strike in the platinum sector. On Friday, they returned to court to argue that preventing its members from striking for a R12,500 basic wage in the gold sector is unconstitutional.
Amcu represented 17% of workers during gold sector wage negotiations in September, at which a wage settlement of up to 8% for lower-paid workers was accepted by three other unions. However, Amcu, which refused to sign the agreement and wanted to embark on industrial action in both the gold and platinum sectors in January, was temporarily interdicted from striking.
To read the whole article, Gold mines ‘would not weather strike,’ go to the website of BusinessDay. In addition, see Mining’s Iron Grip on the South African Economy (Reuters) and South Africa’s Broken Mining Labor Model (BD).
- Mining’s Iron Grip on the South African Economy (Reuters)
- South Africa’s Broken Mining Labor Model (BD)
- Iron Ore, Gold Rush Push South Africa’s Miners to 11-Year High (Bloomberg)
- The Time Has Come to Say Goodbye to the FTSE/JSE Gold Mining Index (Business Report)
- South Africa Mining Sector Faces Unrest and Other Woes (BusinessReport)
- Gold Fields Flags Slight Drop in Production (IOL)
- South Africa Stocks “Expensive Within Emerging Markets” (Moneyweb.co.za)
- ECB Rate Cut Will Likely Send Return Hungry Investors to South Africa (BusinessDay)
- China’s Gung-ho Foray Into Africa Gets a Reality Check (Bloomberg)
- Cash-rich AngloGold Ashanti Caught Up in JSE Rout Despite Stronger Quarter (IOL)
- Lost Revenue: SA’s Power Crisis Hits April Mining Production Where it Hurts (IOL)
- South Africa’s Key Economic Sectors (Brand South Africa)
- Fallout From Russia’s Invasion of Ukraine Has the Potential to Impact SA’s Economy (BusinessReport)
- South Africa’s Unemployment Figure Goes Past the 10 Million Mark (Business Report)
- Bloodbath for Banks on JSE as Ramaphosa Uncertainty Weighs (Business Report)
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