Today's Labour News

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panafricanMiningmx reports that Pan African Resources (PAR) is staring down the barrel at further retrenchments and possible shaft or mine closures should the dollar price of gold stay at current levels and the rand strengthens further against the US dollar.  

That message became obvious from Tuesday’s presentation of the PAR interim results by CEO, Cobus Loots, who made a clear distinction between PAR’s lower cost and higher cost operations.  If the rand should go to R10 to the US dollar, then PAR will have to rely overwhelmingly on its low cost dump retreatment operations to survive, but its Evander underground operations and the Consort mine near Barberton, in particular, look seriously at risk.  Asked whether the Consort mine could be closed, Loots replied:  “We have to be very careful in terms of commenting.  What we have said is that we are engaging in terms of Section 189 with employees in both Evander and Barberton.  We are not ruling out any initiative, but we have to work as a group with our labour, with the unions and with the government and get to where we need to be in terms of sustainable business.  We are not unique.  I can assure you the other South African gold producers are having similar discussions.”

  • Read this report by Brendan Ryan in full at Miningmx

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