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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

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.

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.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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