Precious Metals

Reuters reports that the union representing South Africa’s gold miners has threatened to down tools this week over wages.

 

Reuters reports that the union representing South Africa’s gold miners has threatened to down tools this week over wages. Strikes, however, could put their jobs at risk and cost an already struggling industry millions a day.

As quoted in the market news:

This live-or-die dilemma hangs equally over boardrooms, mining shafts and communities in an industry which could lose over $35 million a day in output due to stoppages, and also slow already sluggish growth in Africa’s biggest economy.

The National Union of Mineworkers (NUM) has threatened to down tools [this] week over wages, a move that would effectively shut a gold sector already in a state of steep decline.

Click here for the full Reuters story

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