Striking uranium workers ‘defeat logic’
A strike appears imminent at Rio Tinto's Rssing Uranium Mine in the Namibian-Naukluft Park (pictured) after workers unhappy over production bonuses on Wednesday voted unanimously in favour of industrial action that could cripple operations at the mine responsible for some 5% of world production. Management said the demands were unreasonable and defeat logic.
The industrial action takes place at a difficult time for the uranium industry with the spot price recently falling below $50 – levels last seen immediately after the nuclear accident at Fukushima. The sector has lost some 40% of its value since the Japan disaster and the first deal of what is expected to be widespread consolidation in the industry is already shaping up to be a classic David and Goliath fight.