South Africa, Plagued With Strikes, Finds Relief From Gold Miners

Includes: EZA
by: Emerging Money

By Richard Rittorno

South Africa (NYSEARCA:EZA) has been suffering through a plague of strikes from municipal power workers in Johannesburg, causing power outages to auto workers and, most recently this past Tuesday, gold miners. Union workers in the gold mining industry went on strike Tuesday for higher wages. Reports originally were for a 60% raise in wages, nearly 10 times the amount mining companies were offering to their workers.

What seemed to be huge divide between employees and management came to end this morning in South Africa when union leaders accepted a new offer for the employees. Details of the full agreement are currently unknown, but South Africa's National Union of Mineworkers Spokesperson Lesiba Seshoka did release a statement that the majority of the striking workers accepted an increase as high as 8%. That's a far cry from the original strike demands of nearly 60%.