Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
South African labour unions will meet next week to plan a vote over a potential strike at miner Sibanye-Stillwater’s gold operations after the latest bid to resolve a wage dispute failed, a union official told Reuters on Thursday.
South Africa’s major unions, the Association of Mineworkers and Construction Union (AMCU), National Union of Mineworkers (NUM), Solidarity and UASA, which are negotiating as a united coalition for the first time, met Sibanye management on Wednesday but failed to break the wage deadlock.
“We met Sibanye yesterday and they are still adamant,” NUM spokesman Livhuwani Mammburu told Reuters.
Mammburu said unions would now meet on Monday to plan for a vote on a strike, which he said was a requirement of the country’s labour laws.
“If the majority says let’s strike, then we will serve a 48-hour notice, we do not want to be interdicted for not following laid down procedures,” he said.
Sibanye spokesperson James Wellsted confirmed that the company’s meeting with union leaders did not resolve the wage standoff.
“On the 4th of February, we made our final offer, which we believe is fair, above inflation and takes cognizance of the business’ sustainability. So we made that clear to the unions,” Wellsted said.
Sibanye’s final offer would increase underground workers’ wages by 800 rand ($53.47) a month in each of the three years under negotiation. Other categories, including artisans and officials, would get 5% increases over the same period.
The unions are demanding 1,000 rand a month increases for each of the three years.
($1 = 14.9609 rand)
(By Nelson Banya; Editing by Promit Mukherjee and David Evans)
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