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A Dead Cat Bounce for Gold Prices

May 22, 2013 – 4:29 PM Comments Off

On Monday, May 13, 2013 we wrote that Gold Prices would Re-Test $1350/oz level and so they did, trading sub $1340/0z at one stage. Gold had fallen for 7 straight days from $1470/oz before the …

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Amplats Workers Offered Return-To-Work Incentive

Submitted by on October 30, 2012 – 10:09 AMNo Comment

JSE-listed Anglo American Platinum (Amplats) has offered a once-off bonus and the reinstatement of 12 000 dismissed striking workers – if they returned to work by Tuesday.

The platinum producer offered all returning workers – striking or not – a once-off R2 000 allowance to ease the financial strain over the implementation of the “no work, no pay” principle.

The once-off bonus would be paid out after 48 hours and was subject to the worker “doing actual work/activities” as required by the company from the start of the Tuesday shift.

“Employees will return to work on the same terms and conditions of employment as applied before the illegal industrial action commenced and will receive a final written disciplinary warning,” the company said in a statement.

The workers, which have been on strike for five weeks, could also apply for a R2 500 advance payment or loan, to be paid back over six months starting in January.

However, workers failing to return by the deadline would remain dismissed, or face immediate dismissal in the case of workers at the Union and Amandelbult operations, as well as forfeit the once-off bonus and loan option, the platinum giant emphasised.

The proposal, which was accepted by all the worker representatives, the workers’ committee and the recognised unions, would be communicated to the employees on Monday.

National Union of Mineworkers spokesperson Lesiba Seshoka said that the region remained tense, and while the unions continued to relay the message, whether the workers would report for duty or not remained to be seen.

Source :  MiningWeekly

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