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When the world’s biggest platinum miners sit down to hammer out a wage deal this week, they’ll hold two potentially winning cards in reserve: the cash and metal stockpiles to endure a strike.
AMCU has insisted it is in compliance with the Labour Relations Act, after facing deregistration.
Sibanye Gold said a protracted strike at its South African gold mines may hurt earnings at a time when the producer remains under pressure to reduce debt.
Sibanye-Stillwater has concluded a three-year wage deal with the National Union of Mineworkers, Solidarity and UASA.
The two biggest South African unions at Sibanye Gold's mines have gotten permission to strike over pay after a deadlock in gold wage talks.
The National Union of Mineworkers says it’s deadlocked over pay with the producers after numerous rounds of negotiations.
Parliament's Portfolio Committee on Mineral Resources says it is outrageous that 955 miners were trapped underground from Wednesday until Friday morning, just because a storm knocked out power supplies.
All 955 miners who were trapped underground for more than a day have resurfaced, mining company Sibanye Gold says.
Sibanye Gold has offered £285m to buy Lonmin, the world’s third-biggest platinum miner.
A big rebound in the rand has turned SA’s biggest gold producer from churning cash a year ago to making losses and shutting mines.
The Association of Mineworkers and Construction Union is meeting its members across the country’s Platinum Belt this week, before presenting demands to seven producers, Secretary General Jeffrey Mphahlele has said.
Sibanye said earlier this week that it was considering shutting unprofitable shafts and cutting jobs at its South African gold mines amid a three-month-old wage strike that’s curbing output.
The Competition Tribunal has approved the merger between Sibanye Gold - trading as Sibanye-Stillwater - and Lonmin with conditions.
Lonmin’s biggest labour union has asked antitrust authorities to stop Sibanye Gold’s purchase of the struggling platinum miner should the new company intend to press ahead with more than 10 000 job cuts.
The struggling gold sector would be forced to close more mine shafts if labour unions’ wage demands were implemented, according to the top producer of the precious metal.
Sibanye Gold Beatrix mine has been closed for the safety of staff members, after 955 miners were trapped underground for more than 24 hours when a storm caused an electric cable outage.
The 955 Sibanye Gold mine workers who were rescued after being trapped underground for over a day are receiving medical attention and counselling.
ICYMI: A roundup of Thursday's must-read financial and economic news.
Sibanye Gold says it won’t pay an interim dividend for the first time since it began trading in 2013 as it reported a first-half loss.
The National Union of Mineworkers is deeply worried about the possible retrenchments of thousands of workers at Sibanye Gold's operations in South Africa.
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