Gold News

Further threats to gold mine production

Protests against electricity charges have prompted trade union leaders to call a one-day walkout in South African gold mines.

The Congress of South African Trade Unions (COSATU) called upon workers to cease mining in three provinces, which has halted production at operations owned by Gold Fields and Harmony Gold, reports Bloomberg.

Daniel Thole of Gold Fields said that 90 per cent of its workforce was on strike today (July 16th), while Harmony's Amelia Soares reported only two of its 13 shafts to be operating, a factor which could prove supportive for gold prices.

The move comes following the decision made last month by Eksom Holdings - the country's energy supplier - to raise utility prices by 27.5 per cent.

Lesiba Seshoka, spokesman for the National Union of Mineworkers, told the news provider: "The whole Free State is shut down. It's part of the fight to lower electricity tariffs.''

Further strikes are planned for later this month and in August.

COSATU was launched in December 1985 after four years of unity talks between unions. It currently has more than two million worker members and is one of the fastest growing trade union movements in the world.

Researching your first Gold Investment today? Don't pay more than you should! Make it cheap, simple & ultra-secure at BullionVault…


See all articles by Gold Bug here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals