SA's Largest Gold Miners Propose Higher Wages

Source:

"AngloGold Ashanti Ltd., Gold Fields Ltd. and Harmony Gold Mining Co., Africa's largest producers of the metal, offered to raise the wages of the lowest-paid workers by scrapping their job banding in a bid to curb wildcat strikes."

AngloGold Ashanti Ltd. (ANG), Gold Fields Ltd. (GFI) and Harmony Gold Mining Co., Africa's largest producers of the metal, offered to raise the wages of their lowest-paid workers to try to curb wildcat strikes.

Terms for entry-level workers and other job categories have been reviewed, South Africa's Chamber of Mines, an industry body that represents the three Johannesburg-based companies in wage talks, said in a statement yesterday. "It has recognized there are certain anomalies that need to be addressed," it said.

The chamber met labor groups including the National Union of Mineworkers yesterday after the NUM called for the current two-year wage accord to be renegotiated. Workers have bypassed unions, calling directly on management for higher pay since Lonmin Plc (LON) miners won increases of 11% to 22% after an unauthorized strike. Inflation was 5% in August.

About 41% of South Africa's gold output is idled, including all of AngloGold's mines. Two Gold Fields sites were halted after workers walked out without heeding resolution procedures set out by labor laws, while miners have been absent from Harmony's Kusasalethu operation since at least Oct. 3. . .View Full Article

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe