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 said on Thursday its members would go on an indefinite strike at Petra Diamonds Ltd’s Koffiefontein Mine in the Northern Cape of South Africa.
The strike will mean a total withdrawal of labour of all its members from Sept. 24 and it will continue indefinitely until all the demands are met, the union said in a statement.
NUM’s demands include a 10 percent wage increase across the board and a housing subsidy of 1,500 rands to be paid every month for three years.
The union is also seeking increases in medical aid, family leave, annual leave, equal pay and an increase in the employer’s contribution to the pension fund from 7.5 percent to 9 percent.
Petra Diamonds had said on Monday more than 600 workers went on a strike at its Finsch mine and Kimberley Ekapa Mining JV operations over pay issues.
The miner had also warned of labour unrest as it finalises a new wage agreement for its operations in South Africa.
