Zimbabwe central banker stockpiles gold to bolster ZiG currency
The ZiG - short for Zimbabwe gold — is the nation’s sixth attempt at having a functioning local currency in the last 15 years.
South African union Solidarity announced today that about 220 workers at Fluormin’s Witkop fluorspar mine in the North West province will be laid off before the end of the year.
The mine employs 225 workers at present, 38 of which belong to Solidarity. The union claimed that Fluormin tried to reduce its operating costs and realized that its only way out was to deploy a large-scale retrenchment scheme.
“When Solidarity starts consulting with employers about possible retrenchments, we always look for alternatives to retrenchments first. In this case it seems that there are few alternatives available,” Solidarity spokeswoman Moira-Marie Kloppers said.
Fluormin CFO John Cronje confirmed the news, attributing the necessary process to the collapse of the fluorspar market.
Source (English): Independent Online
For more information about Fluorspar, click here for an infographic.
