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.
JOHANNESBURG, Dec 21 (Reuters) – Workers at Pan African Resource’s flagship gold mine in South Africa embarked on a wildcat strike on Sunday in a dispute over living allowance, an industry source with direct knowledge of the matter said on Thursday.
About 1,800 workers at Barberton mine downed tools in the strike, which was also called to protest the dismissal of two of its union leaders, the source said.
Pan African was not immediately available for comment.
Barberton mine, which produced 71,763 ounces of gold in 2017, is located in the Mpumalanga province which is west of Johannesburg.
The firm’s management was meeting with union leaders to resolve the two issues, the source said, adding that it was unclear when the strike would end.
South Africa, home to mines operated by Anglo American , Sibanye-Stillwater and Vedanta, is frequently hit with bouts of labour unrest that have spooked investors.
(Reporting by Zandi Shabalala; Editing by James Macharia)
