Proactive Investors - Run By Investors For Investors

Pan African Resources confirms considering cutting jobs at Evander Gold Mine in South Africa

In a brief statement, Pan African Resources said: “Further to the recent NUM press release and media speculation, the Company confirms that it has commenced a consultation process in terms of section 189 of the South African Labour Relations Act"
Gold mine
The NUM statement said the company would cut 1,722 jobs, out of a total workforce of 1,812 people at the mine

Pan African Resources plc (LON:PAF) has confirmed a news release from South Africa’s National Union of Mineworkers (NUM) on Sunday which said the group is considering cutting jobs at its Evander Gold Mine in the country’s Mpumalanga province.

In a brief statement, the AIM-listed firm said: “Further to the recent NUM press release and media speculation, the Company confirms that it has commenced a consultation process in terms of section 189 of the South African Labour Relations Act, 66 of 1995 at its Evander Gold Mining Proprietary Limited operation.”

It added: ”Further announcements will be made in due course.”

READ: Pan African Resources still in profit and paying dividend, despite tough few months

The NUM statement said the company would cut 1,722 jobs, out of a total workforce of 1,812 people at the mine.

It added that the company had informed the union that the job cuts were due to deteriorating and inadequate infrastructure at the mine, high operating costs, such as rising electricity, labour costs, and low gold price.

Pan African Resources bought the Evander mine from South Africa’s Harmony Gold in 2012 for 1.5bn rand (£93.1mln ) in a bid to double its annual gold output.

View full PAF profile View Profile

Pan African Resources plc Timeline

Related Articles

gold
March 14 2018
Orosur Mining is making great strides in its Colombian exploration programme
money bottle
September 25 2018
The financing will improve Blackham’s balance sheet and reallocate operating cash flows to expand production.
Gold bars
November 27 2018
Panmure Gordon’s analysts noted that Ariana’s third-quarter update continued the trend of above plan production with its full-year 2018 guidance of 20,00 ounces almost reached in nine months

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use