South African gold strike threatens supply
by Brian Turner

South Africa’s gold mining industry was hit by a nationwide strike on Sunday night after talks between the National Union of Mineworkers and the chamber of mines broke down.
The miners were demanding a pay hike of 12 percent but the chamber was only willing to give a 5 percent raise in pay.
Franz Barker, a spokesperson for the chamber, said that the strike would cost the industry around R130 million per day and that South Africa, the world’s largest gold producer, will lose the same amount in export earnings.
Workers will lose wages amounting to about R60 million per day for as long as the strike goes on.
Mr. Barker said that the strike would “devastate” the gold industry, the economy, and the workers involved.
National Union of Mineworkers representative Gwede Mantashe, however, insisted that the gold mining industry could afford to pay what the workers were asking.
He also said that talks would continue until an agreement is reached. 10,000 workers from another trade union, Solidarity, are scheduled to join the striking miners on Tuesday.
Add to Bookmarks:
Related posts to: South African gold strike threatens supply
Nissan threatens Platinum prices ...
Gold Fields forecasts substantial drop in South African production ...
South African trade unions threaten share prices ...
Jobs and production lost as South African power crisis continues ...
Gold stocks plummet on South African power crisis ...
Latest Metals News:
US pending home sales data helps copper prices
Positive data chases gold prices lower
Gold gains on search for safetey ahead of economic data
Gold gains as US dollar weakens
Gold prices fall on US jobs news
US durable goods orders, new home sales drive metals price moves
Gold gains, copper drops on US home sales data
Copper prices fall on economic, demand concerns
US unemployment numbers hurt copper prices
Copper prices gain on more inventory declinesPrevious: « Gold settles after recent market high
Next: Copper down 3 percent on interest hikes »
Visited 926 times, 1 so far today