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WPIAL Mines Gold Medals at PIAA Track Meet

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Mines Tighten Belts as Gold Boom Ends

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Mines Tighten Belts as Gold Boom Ends BYLINE: Eddie van der Walt London THE BIGGEST gold bust in three decades is about to end a six-year expansion in mine output. From Russia to South Africa to North America, the biggest producers saw profits turn to losses as prices plunged, forcing them to cut spending on mines in half over three years. While bullion output would probably reach a record this year, the increase would be the smallest in at least six years, before production dropped 1 percent in 2016, according to Barclays. Mines supplied 3 114 tons last year, a record high valued at about $127 billion (R1.5 trillion), after companies stepped up investment to capitalise on prices that surged more than fivefold in the decade through 2011. While the appeal of gold as a financial asset means that supply does not usually influence the precious metal's value as much as economic or monetary policies - partly because every ounce ever mined still exists - demand is gr...
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Mining Battle Lines Drawn Zz Gold Mines Set for Strike after Talks Fail

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Mining Battle Lines Drawn Zz Gold Mines Set for Strike after Talks Fail BYLINE: Dineo Faku Rumblings of lockouts by gold sector employers and resolutions to strike by trade unions culminated in a firm commitment to do battle by both parties as the deadline for a wage deal expired at noon yesterday. "This is it. This is our final offer, we cannot afford an increase," Harmony Gold chief executive Graham Briggs told a press conference hosted by the Chamber of Mines yesterday. The industry's final stand includes insisting on a collective bargaining forum and not negotiating or settling with unions at either company or mine level. Briggs said reaching different settlements would probably fuel inter-union rivalry and incite violence. Across the divide, the National Union of Mineworkers (NUM) said it rejected "with contempt" the final pay offer of a 6.5 percent wage increase linked to a profit share scheme as part of a two-year wage agre...
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