15.06.2015 - South African mining unions going for gold
From June 22, all eyes will be on South Africa’s gold mining sector as wage negotiations kick off. It is no secret that the whole mining industry has endured a rough couple of years, and more so in the gold sphere, where deposits are becoming increasingly scarce and expensive to discover as companies are having to dig deeper to find gold. On top of that, the gold price has fallen a long way from it’s a peak of $1,900 an ounce in 2011, nowadays hovering around $1,200 per ounce, and has resulted in many mines having to either be closed or sold off, as companies try to stay afloat. In South Africa, those problems are magnified by rising input costs, with fuel, intermittent electricity, and now wages, set to become more expensive...............................................Full Article: Source
Print