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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Joan Osland Graffius who wrote (115558)8/3/2001 4:24:21 PM
From: Horgad  Read Replies (1) of 436258
 
All the mining companies you mentioned have come to terms with their workers. The only thing left is to see the impact of the increased wages on the bottom line. Labor costs are a large percent of operating costs at some of these mines. If POG goes up, it won't matter much. If POG does not go up, it will mean more mine closures.

One company that settled, Anglo Gold, announced lay-offs a couple days later. It is likely that we will see more of that. I don't see this as much of a victory for the miners. The ones lucky enough to keep their jobs will have more money, but what about the rest?

Message 16159528

businessreport.co.za
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