This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gold Miners Back On Shift In South Africa

Gold Miners Back on Shift in South AfricaGold Fields (NYSE:GFI), the number-four gold producer that has been bedevilled by strikes at its South African mines, said Thursday that all 9,000 workers at its Beatrix mine have returned to work.

The company issued an ultimatum on Tuesday, warning striking employees to show up for their shifts on Thursday or be sacked. Gold Fields has lost 65,000 ounces of gold production, or 1.2 billion rand, in revenue due to the illegal strikes, Reuters reported.

On Monday, the bullion producer suspended output at its KDC operations after 8,500 workers joined a wildcat strike whose numbers have now swelled to around 19,500, or two-thirds of the mine's workforce.

Meanwhile, workers at the Blyvooruitzicht mine, operated by Village Main Reef (OTC Pink:VMRFF), suspended an illegal strike and returned to work on Wednesday. "Most of the Blyvoor employees have honored the agreement, with 772 employees out of a complement of 941 reporting for the morning shift today," the company said in a statement.

Another South African gold producer is continuing to hurt from a protracted strike at one of its gold mines. Gold One International (ASX:GDO) took a 6.1 percent hit to its stock price Tuesday after the Johannesburg company suspended the Ezulwini operation for 30 days following the dismissals of 1,417 workers. The dismissals followed a similar move by Anglo American Platinum (OTC Pink:AGPPY), which fired 12,000 workers for taking part in a three-week illegal strike.

The nation's three largest gold producers — AngloGold Ashanti (NYSE:AU), Gold Fields and Harmony Gold Mining (NYSE:HMY) — are attempting to bring labor peace to South African's troubled mining sector by negotiating with unions, but so far the talks have not broken the impasse. Miners are seeking wage increases above the rate of inflation. The strikes have also affected chrome, platinum and iron ore mines. The labor disruptions reached a tragic nadir earlier this year after police clashes with striking platinum miners resulting in the death of 46 workers.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%
YHOO $27.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs