ECONOMY

 

SA’s mining industry’s deterioration

NEWS

May 15 th, 2015

PRETORIA - SA mines minister was alerted on Thursday about the current job loss in the mining sector. SA mining industry profits have been in a pickle over low metal prices, strikes and rising operational costs. Stakeholders recognise the impact of job losses on the economy. Harmony Gold said last week that high wage demands have increased the imminent 3, 500 job cut. The Association of Mineworkers wants basic pay in the gold sector to more than double. Moreover, SA companies are required to reach at least 26% black ownership while 45% of companies had not improved living conditions of its workers. According to Mines Minister, Ngoako Ramatlhodi, SA’s mining companies is going downhill with whites-predominated industries and high wage demands that hamper recovery.

 


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