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Gold Mines In South Africa See Strikes As Industrial Unrest Spreads

from Gold Core:

The European Stability Mechanism has yet to be ratified and is in the hands of the German Constitutional Court. Next Wednesday September 12th, the 16 judges that sit on the FCC of Germany will deliver their ruling on the fund’s constitutionality in order to make the fund operational. Rejection by the FCC could lead to volatile markets.

China’s PMI surprised on the downside with 49.2 in August dropped from 50.1 in July, said data released on Saturday showing the increasing fragility of the Chinese economy.

Some 12,000 workers at a gold mine operated by Gold Fields have gone on strike, in the latest industrial strife to hit South Africa’s mining sector.

Julius Malema, the expelled leader of the youth wing of South Africa’s ruling African National Congress, will address Gold Fields Ltd. workers who started an illegal strike at the continent’s biggest gold-mining complex.

About 12,000 employees at the East section of Gold Fields’ Kloof-Driefontein operation started a strike on Aug. 29, demanding the immediate replacement of union branch leadership.

Illegal strikes have been spreading across South Africa’s mining industry after 44 people died in violence associated with a stoppage at Lonmin Plc’s Marikana mine in the North West province last month. Malema addressed miners at Lonmin after police shot dead 34 of the protesters gathered near the mine.

Read More @ GoldCore.com

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