This Day On The Street
Continue to site
ADVERTISEMENT
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

Illegal Gold Mining In South Africa Brings Hope

CARLEY PETESCH

ROODEPOORT, South Africa (AP) â¿¿ Julius Mthembu's mud-spattered face lit up as he held a tin pan and pointed to the glimmering flecks of hope lying among sand and water: gold. The find meant the 48-year-old would eat that week.

"It's difficult. I don't make a lot of money here," Mthembu said as beads of sweat stood out on his forehead. The Mozambican and his countryman Santos Viriato have been gathering dirt from the shuttered Durban Deep mine and sifting it for leftover gold for two months.

South Africa, once the world's foremost gold producer, has been experiencing a labor upheaval in its critical mining sector, and Mthembu and Viriato are emblematic of both the troubles and the hope that persists, with not only gold but also platinum, chrome and other minerals remaining untapped.

A violent six-week strike at a Lonmin PLC platinum mine northwest of Johannesburg ended Sept. 18 after a pay hike of as much as 22 percent was given to the miners. The deal inspired thousands of workers in other mines to lay down their tools to seek higher wages. Mthembu and Viriato said they had been contract workers at another Lonmin mine â¿¿ mostly working on pipes through the mines â¿¿ and that they were laid off when the company they worked for lost money during the strike.

They wound up near a highway outside Johannesburg, sifting through the soil around the shuttered gold mine and hoping to strike it rich or at least eke out a living. Dozens of other men and women were also participating in illegal mining, working in makeshift operations in a sort of gold rush not far from the skyscrapers and highways of Johannesburg, still marked by towering mustard-colored mine dumps, a leftover from the city's heyday in mining.

"We want money and we have no choice," Viriato said.

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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,273.75 +215.40 1.34%
S&P 500 1,935.48 +21.63 1.13%
NASDAQ 4,703.6690 +67.5640 1.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs