Shares of South African miners sink as the country's mine workers union calls for a 60% pay...


Shares of South African miners sink as the country's mine workers union calls for a 60% pay increase on gold and coal producers. The union says it is seeking an entry-level minimum monthly wage of 7K rand ($750) for surface workers and 8K rand for underground workers vs. respective current minimum wages of 4.7K and 5K rand. AU -3.7%, GFI -3.4%, HMY -1.9% premarket.

Comments (2)
  • pomperj
    , contributor
    Comments (114) | Send Message
     
    If goldminer companies go under the weight of unrealistic wage demands, no miner will be needed.
    Not even for the current wage.
    Unions, it is time to return to common sense.
    20 May 2013, 09:32 AM Reply Like
  • lvegasnelsonr
    , contributor
    Comments (2) | Send Message
     
    Any mine wage increase should be tied in with the profitability of HMY. If price of gold benefits the company then a pre negotiated pay increase should be included. No profit no wage increase which includes layoffs to sustain the company. Being pro union it goes without saying that the miners should blame the Comex, wall street greed and financial institutions and not the management of HMY. Greed and manipulation is what drives the price of gold down and no other factor.
    20 May 2013, 11:13 AM Reply Like
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