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 African Harmony Gold (NYSE:HMY) said police is investigating a violent incident that left two of its workers another and injured at one of its mines as unrest continues in the industry.
The attack happened late Thursday near the company’s Kusasalethu mine, in western Gauteng, about 50 miles southwest of Johannesburg.
South Africa’s third-largest bullion miner said production at the mine was not affected by the attack and that police is investigating the fatal incident.
Only last week, the company halted drilling at the same mine after a worker was killed and another injured in a blasting accident.
The National Union of Mineworkers (NUM) appealed for calm late Friday, as member of rival unions work at the same location and share shifts.
The persisting violence at mines in South Africa, experts believe, shows that while mines have gone back to work after a long disruptive period, unrest still simmers under the surface and may sweep back again as new unions attempt to challenge NUM’s dominance of the sector.
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