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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: isopatch who wrote (93015)	8/2/2001 11:19:12 AM
From: isopatch	Respond to of 95453

As expected BY MOI<g> S.A. miners strike fizzled VERY quickly. From post last Friday on SA II: "We may get another dip to buy in the golds if the scheduled S.A. strike is settled by next Wednesday when the walkout is scheduled to start at 3 of the 4 largest mines. Miners settled with the 4th today. So, my guess is the strike won't last long." Message 16138504 AND....WHAT HO?!<ggg> "Gold strike threat lifted at 11th hour Steven Moti August 02 2001 at 07:35AM Johannesburg – The strike threat to South Africa’s gold mines was lifted late yesterday when the National Union of Mineworkers (NUM), representing employees of mining companies Gold Fields, Harmony and Durban Roodepoort Deep (DRD), recommended that they report for work as usual today. More than 50 000 mineworkers were expected to arrive for the first underground shift today. The three gold producers had modified their positions towards the NUM’s wage demands, Crosby Moni, the union’s deputy president, said yesterday. There were, however, fears that the union’s recommendation against the strike might not have reached some mineworkers before last night’s duties, and a number therefore might have refused to go underground. Parties stitched together a two-year wage agreement and will meet again in 2003 for another wage negotiation session. AngloGold, the world’s biggest gold producer, had earlier concluded its own two-year agreement with the union. The mineworkers had been expected to down tools from last night’s shift at DRD, Harmony, and Gold Fields, following a 48-hour notice to strike. DRD improved its wage increase offer by a percentage point to 7 percent for the highest paid workers and agreed to an 8,5 percent wage increase for the lowest paid workers on category three. The company also agreed to 25 days’ paid leave, to be introduced by next year. The NUM had demanded 30 days’ leave. Harmony agreed to meet the R2 000 minimum wage increase for the lowest paid workers by October next year, while Gold Fields agreed to meet that minimum wage by July next year. The highest paid workers will get a pay rise of 8 percent this year and 7,5 percent next year. Both companies agreed to offer 25 days’ paid leave by December next year. The union said it had agreed to give all three companies time to review their leave systems, to work towards 28 days’ paid leave. Workers in the Free State mines would receive a R2 000 minimum wage increase by December next year. Moni said: “The offers are something we believe our members can live on. “All indications from our branches showed that those who had had the modified positions accepted the offers. “So the strike will not go on, even though we have not heard from our Free State members.” Frans Barker, the Chamber of Mines’ chief negotiator, said: “We remain optimistic that the settlement will be signed by the employers at grassroots level and that there will be no further disruptions.” The settlement is expected to bring to an end what labour analysts have called a “season of posturing on the side of labour and management”. More than 400 000 workers in the gold and coal mining sectors originally threatened last month to go on a rolling mass action after the employers and the NUM reached deadlock in the wage negotiations." Now, lets see if we get another good dip to buy into... Cheers, Isopatch