This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
Business Times reports that according to Gold Fields CEO Nick Holland, consolidation cannot save SA's gold sector and job cuts are likely to continue.
Holland, who long held the view that consolidation was good for deriving synergies in the local gold sector, observed: "There might be some local gold assets that can be moved around, but I think consolidation in the South African industry has largely happened." Regarding the future of gold mining, Holland commented: "If you look at the deep-level, conventional, labour-intensive mines, you'll find that they're getting deeper, the grades are declining, the costs keep going up, the trade unions keep getting increases that are beyond inflation when productivity doesn't match it. Eskom now wants to get a lot more money, so I think the writing is on the wall. It's not looking good." But, Holland remains steadfast in his belief that South Deep, the only mechanised gold mine in the country, can still turn in a profit. South Deep has had major restructuring in the past year, reducing its workforce from about 4,000 to 2,460. This restructuring was met with strong opposition from labour and the National Union of Mineworkers went on a 45-day strike at the end of 2018. The strike cost Gold Fields about R360m in lost revenue, according to its own calculations.
- Read more of the Sunday Times Business Times report by Mudiwa Gavaza appeared at SA Labour News
- Read too, Gold Fields’ international mines offset dismal South Deep, at BusinessLive
Get other news reports at the SA Labour News home page