• 4 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 9 hours British Utility Companies Brace For Major Reforms
  • 13 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 15 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 16 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 17 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 18 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 20 hours Rosneft Signs $400M Deal With Kurdistan
  • 22 hours Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 7 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 8 days Husky Energy Set To Restart Pipeline
  • 8 days Russia, Morocco Sign String Of Energy And Military Deals
  • 8 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
Alt Text

Copper Prices Ignited By Chinese Demand Growth

Copper prices saw some gains…

Alt Text

Is South America Set For A Gold Rush?

A Chinese gold miner is…

Alt Text

Gold Prices Could Spike As India Resumes Imports

Gold purchases in India imploded…

Will 13% Be Enough To Save This Key Gold Production District?

Will 13% Be Enough To Save This Key Gold Production District?

The South African mining sector is no stranger to labor unrest. With a six-month strike in the country’s platinum industry last year having reduced output by 1.2 million ounces.

And now the gold mining business is facing the same threat.

Negotiations between South African gold miners and the country’s four biggest mining unions reached a near-climax on Friday. With the country’s largest gold producers extending what appears to be a final offer to workers. Related: A Reality Check For U.S. Natural Gas Ambitions

That includes offers from AngloGold Ashanti and Sibanye Gold to raise monthly pay for entry-level workers by 1,000 rand (about $80) yearly for the next three years. Harmony Gold Mining offered a 500-rand rise in annual pay.

In total, that amounts to about a 13% rise for AngloGold and Sibanye employees in the first year. And an 11% increase for Harmony Gold workers.

South Africa’s four major mining unions will have this week to respond to the offer. With these decisions being critical for the future of the gold sector here. Related: Top 6 Myths Driving Oil Prices Down

The two sides still appear to be a ways apart on demands. With the unions having previously requested a 60% rise in wages.

Representatives from the country's largest union, the National Union of Mineworkers, said they were “disappointed” with the latest round of offers. But executives from Harmony said it was “extremely likely” that the unions would accept the deal, given the current depressed state of the gold business.

The outcome of the union decisions on the offer thus appears up in the air. And if the answer is no, the next steps are uncertain – with Harmony having called the current terms “a final offer”. Related: Nuclear Industry Future Far From Clear

The situation is all the more complicated given that all four unions must agree in order for the current offer to proceed. Watch this space for important news from a place that produces 5% of the world’s bullion supply.

Here’s to striking a deal,

Dave Forest

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News