Wage negotiations in the gold sector are at a deadlock and the South Africa's National Union of Mineworkers (NUM) has declared a dispute, a move that is one step short of a strike.
Harmony Gold Mining News
The South African gold miner posted a 43% drop in annual earnings, or a 4.47 billion South African rand loss (about $309 million) and saw fatalities at its operations climb to thirteen, from 5 in 2017.
South African gold producers say they have offered annual wage increases of up to 7.2 percent to underground employees and up to 4.5 percent for miners and artisans, after unions rejected a previous offer last week.
South Africa's Harmony Gold said on Monday annual bullion production for 2018 has exceeded its guidance, boosted by its Moab Khotsong operation.
Producers have been giving above-inflation wage hikes for years, adding to the cost burden of an industry that has been battling in the face of depressed prices, labour unrest and soaring power bills.
Additional cuts are to come across mines and towns in South Africa, once the world’s biggest producer of gold.
The South African company, which competes with AngloGold , Gold Fields and Sibanye-Stillwater at home, sold 55 million new shares, or 15 percent stake, at 19.12 rand each, an 11.7 percent discount to the closing price on Tuesday.
The proceeds will be used to used to pay down part of Harmony Gold's outstanding $150 million bridge loan for the Moab Khotsong mine.
The parties said they believed an out-of-court settlement was far preferable for all concerned than an inevitably lengthy and expensive litigation process .
Most claimants are black miners from South Africa and neighbouring countries such as Lesotho, whom critics say were not provided with adequate protection during and even after the Apartheid ended in 1994.
Thieves broke into Harmony Gold Mining Co.’s Kalgold mine Tuesday morning and stole 12 kilograms (386 ounces) of the precious metal.
But according to the updated feasibility study total capital expenditure for the life of Wafi-Golpu mine will fall by about the same amount to $5.5 billion.
The suit was launched around six years ago on behalf of miners suffering from silicosis, contracted by inhaling silica dust in gold mines.
The $300 million deal, which incorporates the Great Noligwa underground mine and related infrastructure, is expected to boost Harmony's operational cash flow by 60%.
Company currently working on recovering the body.
Lawyers acting for thousands of gold miners who contracted lung diseases at work in SA mines say an out-of-court settlement could be reached by December.
Starting on Friday, workers did not go work in protest for the firing of six leaders of the Association of Mineworkers and Construction Union.
South African gold miner said it’s on track to meet 2017 guidance.
It will sell its newest mine to Harmony Gold for $300 million and another mine for 100 million rand ($7.4 million) to China's Heaven-Sent SA Sunshine Investment Company.
Death toll has risen to five after a tremor rocked the firm's Kusasalethu mine last week.
Two more remain missing after they were trapped underground following an earth tremor last week.
Two miners have been killed in an underground mine collapse in South Africa caused by an earth tremor.
Rescue teams have been working to find the workers since the incident occurred at about 10.30 a.m. local time at its Kusasalethu mine near Cartonville, west of commercial hub Johannesburg.
South African miner Harmony Gold reported a 35 percent rise in full-year profit on Thursday and said it will look at growth, exploration and acquisitions to meet its 2019 production targets.
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