David McKay writes that SA’s gold mining industry could face up to $3.4bn in liabilities relating to a class action issued on behalf of mineworkers suffering from silicosis and tuberculosis (TB).  

Commenting on the class action, which was certified by the High Court in Johannesburg on 13 May, Investec Securities said its assumptions were “a worse case scenario”.  The court certification paves the way for tens of thousands of mineworkers and former mineworkers suffering from silicosis and TB to sue 32 gold mining companies for damages.  Nkateko Mathonsi and Andrew Snowdowne, Investec Securities analysts, commented:  “While we think this will take a long time to conclude, we note that should the class action succeed and if the damages are awarded are similar to those in previous cases, it could have a significant financial impact on the South African gold mining industry.”  They added that the outcomes of such cases were “unpredictable”.

• Read this report in full at Miningmx
• Read too, Silicosis class action liability could run to as much as R125bn, at Mineweb

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