Cuts likely to be announced at the end of the month, when the miner is set to publish its first-half results.
Gold producers offered above-inflation wages, which make up 55% of their mining costs in the country.
The commission into the deaths at Lonmin's Marikana platinum mine in August 2012 concluded the plan to quell the massive protest was “defective,” and shouldn't have been executed as such.
The companies, which bargain collectively under the country’s Chamber of Mines, are already battling low metal prices and mounting electricity costs amid power outages.
Unions are demanding as much as double workers’ current wages.
Anglo American’s platinum unit cited dark outlook for the sector as main reason for the cuts.
According to the National Union of Mineworkers, South Africa’s gold producers are able to afford an increase of more than 80 percent in the basic monthly pay of entry-level underground miners.
The probe focused on a 2010 deal through which the company gave a 9% of its South Deep mine to a group of black investors in order to meet government’s regulations aimed to boost black ownership.
Palladium enters bear market and platinum hits fresh six-and-a-half year low on worries over Greek debt crisis.
It also plans to review the legal status of the joint venture, while it negotiates with Ivanhoe to raise its stake to 20% from the current 5% it holds.
PwC's John Gravelle on the mining industry's austerity drive, price realities and declining exploration spending.
The miner said smaller than expected diamonds at its Finsch and Cullinan mines in South Africa have sold at modest prices.
The move may create a group of sellers that want to dispose of their holding, or it could open the door to a buyer, according to analysts.
It may reduce the value of its 60% stake in the Samancor Manganese joint venture, as it keeps furnaces shut due to low prices for the commodity.
The country's radical Association of Mineworkers and Construction Union (Amcu) said it would begin a wildcat strike in the sector if its rival union and companies extend wage deal to its members.
The sale would be one of the largest of a U.S. gold mine since the price of the precious metal began falling in 2013.
The howling wind drives the turbines, their blades bent back from the force as they spin in the evening light and send electricity to local villages in South Africa’s Eastern Cape.
The company had warned it planned to restructure several of its mines, producing almost 25% of its gold, when it posted a third consecutive quarterly loss early May.
Main power utility, Eskom, is struggling to meet demand in a country that depends on coal to generate 85% of its electricity.
Perhaps the most important aspect of today’s agreements is the fact that both aim to form long-term strategic partnerships to collaborate on further ventures, opening new markets for all the firms involved.
Analysts believe Cowal mine may be worth at least $400 million, and that Barrick would likely get as much as $1.1 billion from the sale of both, the New South Wales' mine and Papua New Guinea’s Porgera.
The miner was granted a New Order Mining Right (“NOMR”) for its flagship Makhado hard coking and thermal coal project in South Africa's Limpopo Province.
Market valuation at lower end of expectations on worries over dearth of reserves. BHP stock falls 6%.
New report highlights falling mine supply outside of Southern Africa and increased jewelry demand from China.
Saying that just over 20% of miners had met the black economic empowerment criteria is to tun a blind eye to the progress members have made so far, claims the ming group.
The union that led 2014's bitter five-month strike in South Africa's platinum belt has brought the same demands – doubling of wages – to the gold sector.
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