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.
More labour unrest is brewing at South African mines.
Reuters reports that workers are poised to strike at 16:00 GMT today at Xstrata’s operations across the country.
The strike is over an employee share ownership program, Reuters said, quoting a union spokesman. More workers are expected to down tools at the start of the Monday morning shift.
Diversified miner Xstrata has coal and alloy operations in South Africa.
A four-day strike at South African gold mines this summer was estimated to cost the industry up to $25 million a day, Reuters reported back in August. The strike at AngloGold Ashanti, Gold Fields and Harmony Gold involved some 100,000 gold mine workers.
