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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Threats Of Dismissal Breaking SAfrica's Strikes

RODNEY MUHUMUZA

JOHANNESBURG (AP) â¿¿ Return to work or you're fired.

That ultimatum from South African mining companies to strikers appears to be getting the desired result, convincing thousands of workers to settle for less than their original demands in order to keep their jobs.

Labor unrest in South Africa's mines, which until recently showed little sign of abating, now appears to be tapering off in the face of employers' tough stance against wildcat strikes.

South Africa's Chamber of Mines, representing mine owners, announced Thursday that it had agreed with the National Union of Mineworkers (NUM) to raise gold miners' monthly salaries by up to 500 rand (about $57), in addition to a pay raise of up to 10 percent that miners got in July, weeks before wildcat strikes hit South Africa's platinum and gold mines. The raises fall far short of what most strikers are demanding: 16,000 rand (about $1,800) in monthly pay. Most miners currently earn about 4,000 rand ($500).

NUM, the majority union, is increasingly reviled by miners who charge it is too close to mine owners and is not assertively pressing for wage raises.

"We've always stuck to our guns that collective bargaining must be maintained," said Sven Lunsche, a spokesman for Gold Fields, whose threats to fire striking workers ended stoppages at three of its mines outside Johannesburg. More than 28,000 Gold Fields miners who were on strike "are now back at work or have been dismissed," Lunsche said Thursday, adding that 7,300 of the 8,100 mineworkers who were still striking early this week have now appealed after being fired.

Gold Fields became the second company to issue strikers with threats of dismissal that have been condemned by the influential Congress of South Africa Trade Unions (COSATU) as too arrogant.

Anglo American Platinum (Amplats), the first to act by firing 12,000 miners at its Rustenburg operations earlier this month, has come under fire from COSATU, which is planning a massive street march Saturday in support of the fired miners.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs