Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
South Africa’s National Union of Mineworkers (NUM) wants a 15% wage increase across the board for employees in the gold mining sector, as well as minimum pay of 15,000 rand ($1,065), the union said on Thursday.
Soaring global gold prices over the past year have seen earning by gold firms surge, but the companies have argued that above-inflation increases are unrealistic.
In the statement NUM said it expected firms to “come up with many excuses”, and that they would respond “with the required militancy”.
(By Mfuneko Toyana; Editing by Jan Harvey)
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