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.
Members of South Africa’s National Union of Mineworkers (NUM) downed tools Wednesday at Anglo American’s (LON:AAL) Kleinkopje coal mine in South Africa, demanding the removal of the general manager.
“They are on strike as we speak,” NUM spokesman Livhuwani Mammburu told Reuters, adding that 421 of its members were involved in the labour action.
The move comes ahead of wage talks in South Africa’s coal, gold and diamond sectors expected to begin next month.
In March, the NUM said it may seek pay hikes of up to 100% for its lowest paid members, which currently make 6,000 rand ($491) a month in gold, 7,000 rand in coal and 9,000 rand in the diamond sector.
Gold wage agreements expire at the end of June and the industry executives have repeatedly said they cannot afford big increases as they, once again, are dealing with slumping prices, power constraints and falling grades in the world’s deepest mines.
4 Comments
Bob
The executive idiots could pay a decent wage if they’d quit selling product below the cost to produce it. It’s obvious good faith reasoning and negotiation is pointless. The only way to deal with the outside crooks is to form a production cartel and withhold product from the market.
miket
And removing the GM is going to achieve what, exactly………………?
rockhound17
Is the GM the real problem?
rockhound17
I would like a shot at this. It’s what I do for living!