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

Threats Of Dismissal Breaking SAfrica's Strikes

AngloGold Ashanti, also badly hit by wildcat strike action, Wednesday fired 12,000 workers who did not report for work at its operations outside Johannesburg, according to Alan Fine, a spokesman for the company. The company reported Wednesday that "unprotected strikes" at its Vaal River operations had ended after all the workers there responded to a "recently improved wage offer made through the industry's collective bargaining framework."

Evans Ramokga, a strike leader at the Amplats strike and one of the 12,000 dismissed workers, said Thursday that getting their jobs back was now a priority. The fired workers had expected to be paid Wednesday, Ramokga said, but there was nothing in the bank.

"We understand the consequences," he said, adding that they are now prepared to settle for 12,500 rand (about $1,400) in monthly pay.

Mpumi Sithole, a spokeswoman for Amplats, said that only about 20 percent of the company's employees are back at work. "Anglo American Platinum confirms that while it retains its stated position that it will not reinstate the 12,000 dismissed Rustenburg employees, the company has agreed with its recognized unions that it is willing to discuss their status as part of this engagement," Sithole said in a statement.

Lunsche of Gold Fields said that without taking a firm stand employers would have been up against "collective anarchy" of the sort that would have set a bad precedent for labor relations in South Africa's crucial mining sector.

At the peak of the wildcat strikes more than 80,000 workers â¿¿ representing 16 percent of the mining workforce â¿¿ stopped work in labor unrest that analysts said undermined the country's reputation in the eyes of investors. The credit rating agencies Moody's and S&P's have downgraded South Africa's credit rating, citing the impact of the strikes on the country's economic outlook. South African President Jacob Zuma said recently that strike action in gold and platinum mines had cost the country about 4.5 billion rand (more than $500 million) in lost output by mid-September.

2 of 3

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