Harmony Gold and striking workers announce settlement

hamrony gold strike settlementOperations should resume this week after Harmony Gold Mining (NYSE:HMY) announced a settlement with striking workers.

The AFP reported that workers had agreed to wages hikes of between 7.5% and 8%.

On Friday four of the seven companies affected by the labour action had accepted a new pay offers.

Unions had been demanding much larger pay rises.

Harmony Gold's CEO warned about any future strikes.

"Continued industrial action will make this increase unaffordable, and place the future viability of some of our operations under threat. This, in turn, could have an impact on jobs," said CEO Graham Briggs.

Harmony Gold Mining, the third largest gold mining company in South Africa, is engaged in gold exploration and mining. The group’s operations are located primarily on the Witwatersrand Basin in South Africa, encompassing ten underground operations, an open-pit mine and surface operations that encompass four provinces, Gauteng, North West Province, Mpumalanga and the Free State. The Company also operates an open-pit mine in Papua New Guinea.