Arab Today, arab today s africa\s mine unrest ends but job losses loom
Last Updated : GMT 15:40:14
Arab Today, arab today
Arab Today, arab today

S Africa\'s mine unrest ends, but job losses loom

Arab Today, arab today

Arab Today, arab today S Africa\'s mine unrest ends, but job losses loom

Johannesburg - AFP

Thousands of miners returned to work on Thursday at Anglo American Platinum, putting a lid on the most devastating and costly bout of labour unrest in South Africa in nearly a century. The strikes started three months ago at the London-listed Lonmin mine in South Africa\'s northwest platinum belt, before spreading to other mines and other sectors. Unions estimate that in total over 140,000 workers downed tools across the country, most of them in the gold and platinum trade. Deadly violence ensued, leaving more than 50 dead. Estimates put the cost of the strikes at $1.2 billion, roughly one percent of quarterly gross domestic product (GDP). Over the months firms rolled out incentives and threats and more incentives. One mine by one, miners returned to work. Amplats\' more than 12,000 workers were the last major group of miners who refusing to go to the underground -- until the world\'s top platinum producer enticed them with new monthly allowance and a one off bonus this week. But as the dust settles, mining firms are counting their losses. Workers now face the prospect of job losses and the outlook on Africa\'s economic powerhouse is dim. \"This is the messiest, most violent, destructive and costly strike in the mining sector, in maybe 90 years,\" Peter Major mining analyst at Cadiz Corporate Solutions said. Miners are likely to hold on to their jobs for now, but some are likely to be laid off once companies work out their long term plans, having factored in the impact of the strike. At this state \"nobody knows what it\'s going to cost in terms of time or money,\" said Major. \"Even the mining managers don\'t know how much they are going to rationalise. They probably need three or four months before they make an educated guess.\" What is certain is that -- in a country where one in every four people is unemployed -- the ranks of the jobless will swell. The scale for cuts is vast. The mining sector currently employs 500,000 people -- and almost double that number if ancillary industries are included -- making it one of the largest employer in South Africa. \"Without doubt there is going to be less people working on the mines in South Africa,\" Major said. Solidarity, a mainly white-collar union, says it is already in retrenchment negotiations at five mining companies. Some lay-offs had been on the books before the work stoppages of the past three months. Mine operators were already buckling under low mineral prices and high production costs. \"Although not all strikes necessarily result in retrenchments, they definitely cause uncertainty in the industry,\" said Solidarity\'s spokesman Johan Kruger. At least 14 mining companies have been touched by strikes this year alone, according to unions\' tally. Investors have been spooked and the urge to spend may remain low for some time to come. A new bout of strikes, this time in the farming sector, complicates any plans by President Jacob Zuma\'s administration to improve the country\'s image in the eyes of foreign investors. The country is \"probably going to be on an all-time low\" in terms of foreign direct investment inflows, said Major. The mines crisis has slowed South Africa\'s growth to 2.5 percent this year.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today s africa\s mine unrest ends but job losses loom Arab Today, arab today s africa\s mine unrest ends but job losses loom

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 20:02 2017 Saturday ,18 February

Gold edges higher as global equities lose momentum

GMT 10:20 2017 Thursday ,16 February

New Zealand's Spark rings up interim profit rise

GMT 05:40 2017 Thursday ,16 February

Stocks rise on Yellen’s positive US outlook

GMT 05:34 2017 Thursday ,16 February

‘Protectionism, populism threaten euro zone’

GMT 04:51 2017 Thursday ,16 February

Oil pulls back after brief rally
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 15:16 2017 Sunday ,19 February

Apple to start India operations with iPhone SE

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday