Liberty Gold advances Black Pine project permitting
Liberty Gold aims to produce over 2 million ounces of gold from Black Pine across a projected 17-year mine life.
South Africa’s Anglo American Platinum (Amplats), the world’s largest platinum producer, has offered to reinstate 12,000 miners fired in early October for illegally striking and pay them a $230 “hardship allowance” if they return to work by Tuesday morning.
The company will also give a $230 “loyalty allowance” bonus to workers who did not participate in the wildcat strike.
Those who do not return to the mines on Tuesday will remain dismissed and/or be subject to illegal strike disciplinary action, added the company.
Labour unrest affecting Amplats’ operation has lasted for more than six weeks and, as Oct. 24, has resulted in a loss of 138,000 troy ounces of platinum production.
Majority-owned by Anglo American (LON:AAL), which saw its chief executive —Cynthia Carroll—step down last week, the platinum producer announced further cut capital spending plans for the year and said it expects an 8% increase in unit operating costs.
The gold sector, in the meantime, seemed to be have resumed production at several operations by Monday afternoon. Gold Fields (JSE:GFI) had already resumed full production at one strike-hit mine, with another set to follow later this week, while AngloGold Ashanti (NYSE:AU) is preparing operations to ramp up production.
But operations at Gold Fields’ KDC East mine, which was one of the last gold mines to go on a strike remained suspended.
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