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South African gold miners reach settlement in lung disease lawsuit

May 03, 2018 10:35 AM ETAnglo American plc (AAUKF) StockGFI, HMY, AU, SBSW, AAUKY, AAUKF, AFRBYBy: Carl Surran, SA News Editor
  • Mining companies operating in South Africa agree to settle a class-action lawsuit from workers who say they contracted deadly lung diseases in the country's gold mines.
  • The companies involved in the settlement are Anglo American (OTCQX:AAUKF, OTCPK:AAUKY), African Rainbow Minerals (OTCPK:AFRBY), AngloGold Ashanti (NYSE:AU), Gold Fields (NYSE:GFI), Harmony Gold (NYSE:HMY) and Sibanye Gold (NYSE:SBGL).
  • The settlement provides for compensation for all eligible workers suffering from silicosis or tuberculosis who worked in the companies’ mines at any point since March 1965; the six producers last year set aside ~5B rand ($396M) to settle the lawsuit.
  • The agreement was reached following three years of negotiations and is the first class action settlement of its kind in South Africa.

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