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Aug 30, 2013

South Africa’s Amplats cuts 4,800 jobs

JOHANNESBURG (Reuters) – Anglo American Platinum (AMSJ.J: Quote, Profile, Research, Stock Buzz), the world’s top platinum producer, said on Friday it would cut about 4,800 jobs, laying off 3,300 workers and paying off the rest, and will redeploy 1,600 more.

Job cuts are a sensitive issue in South Africa, where the unemployment rate is more than 25 percent and mine labor violence rooted in a union turf war has killed dozens of people over the past 18 months, mostly on the platinum belt.

Aug 30, 2013

South Africa gold producers say strike to start from Tuesday

JOHANNESBURG (Reuters) – South Africa’s gold producers said on Friday the National Union of Mineworkers (NUM) had served notice of a strike over pay demands starting from the night shift on Tuesday.

“The employers will continue to make plans in anticipation of strike action, to ensure the continuation of essential services, and to ensure the safety and security of employees and assets,” the producers said in a statement.

Aug 29, 2013

Anglo CEO: platinum unit must deliver, nothing sacrosanct

JOHANNESBURG (Reuters) – Anglo American (AAL.L: Quote, Profile, Research, Stock Buzz) remains committed to its South African platinum mining business but only if it pays its way, the group’s new chief executive said on Thursday.

Anglo American Platinum (AMSJ.J: Quote, Profile, Research, Stock Buzz), the world’s largest producer of the precious metal, fell to a loss last year because of low prices and strikes in the country, which sits on four fifths of the world’s known platinum reserves.

Aug 28, 2013

South African gold producers gear up for strikes from Sunday

JOHANNESBURG (Reuters) – South African gold producers are preparing for bruising strikes that could start as early as Sunday, with some companies planning for stoppages of up to three months in a high-stakes fight between capital and labor in Africa’s biggest economy.

The National Union of Mineworkers (NUM) will give gold producers on Friday 48-hours’ notice of its members’ intention to strike over deadlocked wage talks, a source with direct knowledge of the matter said on Wednesday.

Aug 27, 2013

South Africa strikes escalate with petrol stations dispute

JOHANNESBURG, Aug 27 (Reuters) – South Africa’s petrol
station and car dealership workers on Tuesday announced a strike
for higher wages next week, signalling further labour disruption
to a struggling economy that also faces looming stoppages in its
gold mines.

Citing escalating living and transport costs, the country’s
leading manufacturing union NUMSA said its 72,000 members
working in petrol stations, automotive retail shops and car
dealerships would halt work from Monday “in demand of a living
wage and improved conditions”.

Aug 27, 2013

South Africa mines less violent as AMCU union plays by rules

JOHANNESBURG (Reuters) – A year ago, militant South African miners affiliated to upstart union AMCU were marching with spears, clubs and knives in often violent wildcat strikes and protests against management bosses.

But in recent months leaders of the Association of Mineworkers and Construction Union, an emerging force on the labor stage of Africa’s biggest economy, have been sitting down to tough but peaceful wage talks with mining executives.

Aug 27, 2013

Analysis – South Africa mines less violent as AMCU union plays by rules

JOHANNESBURG (Reuters) – A year ago, militant South African miners affiliated to upstart union AMCU were marching with spears, clubs and knives in often violent wildcat strikes and protests against management bosses.

But in recent months leaders of the Association of Mineworkers and Construction Union, an emerging force on the labour stage of Africa’s biggest economy, have been sitting down to tough but peaceful wage talks with mining executives.

Aug 23, 2013

Live-or-die dilemma for S.Africa gold mines, workers

JOHANNESBURG, Aug 23 (Reuters) – If South Africa’s gold
miners strike over wages next week, the loss of output will drag
down companies already being crushed between rising costs and
falling prices for the metal.

The strikers, seeking better pay and conditions for one of
the toughest jobs in the world, may also be putting their own
livelihoods on the line if a protracted stoppage or the scale of
their wage demands force some mines to close.

Aug 22, 2013

South Africa faces strike wave as labour strife widens

JOHANNESBURG, Aug 22 (Reuters) – South Africa faced a strike
wave across leading sectors of the economy on Thursday and the
labour unrest threatened to hit its struggling gold industry,
already squeezed by rising costs and falling bullion prices.

Despite appeals from President Jacob Zuma and other
government leaders for peaceful wage negotiations in Africa’s
largest economy, the National Union of Mineworkers (NUM) said
its members in the construction sector would down tools from
Monday.

Aug 22, 2013

South Africa’s Gold Fields expands abroad after Q2 loss

JOHANNESBURG, Aug 22 (Reuters) – Hit by lower gold prices
and rising costs at home, South Africa’s Gold Fields
reported a second-quarter loss on Thursday and said it was
expanding abroad with a $300 million deal to buy three
Australian mines from top producer Barrick Gold.

The company said it lost $129 million in the three months to
the end of June compared with a net profit of $27 million in the
previous quarter and $105 million in the same quarter last year.
This made for a net attributable loss of 18 U.S. cents per
share, compared to net earnings of 4 cents per share in the
previous quarter.

    • About Ed

      "I cover commodities in southerrn Africa, a region that I have returned to after spending over four years covering religion, politics and the Great Recession in America. I am a Canadian citizen and grew up in Nova Scotia."
      Joined Reuters:
      1995
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