BHP posts second straight year of record iron ore production, beats estimates
The world's largest listed miner said iron ore output from Western Australia on a 100% basis was 76.8 million tonnes in the three months to June 30.
South Africa’s National Union of Mineworkers (NUM) called off a strike on Wednesday after reaching a deal with Xstrata over the coal giant’s voluntary employee share ownership plan.
Xstrata agreed to allocate shares to workers equally and not based on employment grade, NUM’s one gripe. Mine ownership and nationalization are once again fiercely debated topics in the country 17 years after the end of white rule and observers believe SA’s allure as an investment destination has been tarnished by the heavy weather accompanying the Xstrata deal. The plan gives workers 3% of the company and is over and above the company’s 26% local ownership obligations which it already meets.
M&G quotes Sandile Nogxina, special adviser to Mineral Resources Minister Susan Shabangu who facilitated the talks: “The department of mineral resources will recognise the Xstrata ESOP as compliant with the Mining Charter requirements.”
BusinessDay quoted Stephen Meintjes, head of research at broker Imara SP Reid on the issue two weeks ago: “What is confusing is the fact that the company maintains the share plan was voluntary, and the union says it is incorporated in the mining charter. Again, this makes South African mining look messy.”
MINING.com reported in October on comments by a top economic advisor at a Mining for Change seminar in Johannesburg: “I find it disturbing that many in the private sector don’t want to have this [state ownership] debate.” The advisor’s research shows black representation in mine ownership among the leading 25 JSE-listed mining remains at 5% versus a JSE report pegging it at 17%.
Comments
Patwar3103
I hope these greedy people are paying for the shares or that Xstrata are getting a tax break. Why dont ya just nationalise the mine? It would be simpler and less corrupt. At least then you’ll admit your stealing