De Beers Receives 48-hour Strike Notice from NUM

Reuters reported that De Beers received 48-hour strike notice from South Africa’s National Union of Mineworkers (NUM) after a wage dispute was not resolved. If negotiations do not defuse the situation, the strike will likely begin on Sunday or Monday.

As quoted in the market news:

Labour unrest and wildcat strikes have rocked the platinum and gold sectors periodically over the past 18 months in Africa’s largest economy, with the violence rooted in a turf war between NUM, which was once unrivalled, and the upstart Association of Mineworkers and Construction Union (AMCU).

But NUM’s dispute with De Beers is following legal channels and so is unlikely to unnerve jittery investors who are more focused on upcoming wage talks in the gold, platinum and coal sectors which are seen as among the toughest ever.

Click here to read the full Reuters report.