Gold Anti-Trust Action Committee | Exposing the long-term manipulation of the gold market
Published on Gold Anti-Trust Action Committee | Exposing the long-term manipulation of the gold market (https://gata.org)

Home > David Bond interviews Hecla CEO; Jason Hommel updates silver stock valuations

David Bond interviews Hecla CEO; Jason Hommel updates silver stock valuations

Submitted by cpowell on Sun, 2004-04-11 03:00 Section: Daily Dispatches

Confident that job losses can be minimized

By Hilton Stone
Sunday Times, South Africa
Sunday, April 11, 2004

http://www.sundaytimes.co.za/2004/04/11/business/companies/comp04.asp [1]

The National Union of Mineworkers (NUM) and Harmony
Gold are confident they will find a way to avoid widespread
job losses at the country's third-biggest gold producer.

At issue is the possible closure of six shafts at Harmony,
which employ 5,000 people and account for 6 percent of
the company's total annual gold output, on account of the
strong rand and some of the shafts running out of minable
reserves.

Speaking after the opening of a permanent minerals
exhibition at Johannesburg International Airport on
Thursday, NUM general secretary Gwede Mantashe said
South Africa' s biggest labour union "was putting our
best brains into resolving this dispute. I will be
happy if we can save four of the shafts and delay the
closure of two." He said NUM would send geologists from
the Council for Geoscience to assess the shafts and
investigate alternatives to closure.

Patrice Motsepe, Harmony's chairman, was equally
optimistic, noting that Harmony and the NUM had
overcome "serious challenges" in the past.

The two parties are scheduled to meet again on April
16. Motsepe said the talks "will produce a result that
will be good for both parties. I'm quite confident of that."

Minerals and Energy Minister Phumzile Mlambo-Ngcuka
said the two sides were talking "and I'm sure the results
will be something they can live with."

Sandile Nogxina, the director-general in the Department
Minerals and Energy, also expressed his confidence that
the dispute would be settled.

He pointed out that the industry had been able to avoid
mass retrenchments in the wake of the gold crisis in
1999, when England announced it would sell 415 tons
of its gold reserves, sparking a plunge in the gold price
to a 20-year low of $252.80/oz.

"Jobs were saved at the time of the gold crisis and I'm
sure jobs can be saved now too," Nogxina said. "We
must find alternatives."

The latest talk is a far cry from developments a day
earlier, when NUM said it had declared a formal dispute
with Harmony -- the precursor to possible strike action --
and would refer the matter to the Commission for
Conciliation, Mediation, and Arbitration.

NUM also said it would withdraw from an agreement to
work continuous operations ("conops") at Harmony, as
this deal had been concluded in bad faith.

Harmony has touted conops as a way of saving jobs, as
some of the workers at the shafts under threat of closure
could be deployed elsewhere within the Harmony group
to meet the additional demand for labour required to work
a seven-day week.

----------------------------------------------------

To subscribe to GATA's dispatches, send an e-mail to:

gata-subscribe@yahoogroups.com [2]

To unsubscribe, send an e-mail to:

gata-unsubscribe@yahoogroups.com [3]

----------------------------------------------------

RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS

Free sites:

http://www.jsmineset.com [4]

http://www.cbs.marketwatch.com [5]

http://www.mineweb.com/ [6]

http://www.gold-eagle.com/ [7]

http://www.kitco.com/ [8]

http://www.usagold.com/ [9]

http://www.GoldSeek.com/ [10]

http://www.capitalupdates.com/ [11]

http://www.goldenbar.com/ [12]

http://www.silver-investor.com [13]

http://www.thebulliondesk.com/ [14]

http://www.sharelynx.com/ [15]

http://www.mininglife.com/ [16]

http://www.financialsense.com [17]

http://www.goldensextant.com [18]

http://www.goldismoney.info/index.html [19]

http://www.howestreet.com [20]

http://www.depression2.tv [21]

http://www.moneyfiles.org/ [22]

http://www.howestreet.com [20]

http://www.minersmanual.com/minernews.html [23]

http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html [24]

http://www.goldcolony.com [25]

http://www.miningstocks.com [26]

http://www.mineralstox.com [27]

http://www.321gold.com [28]

http://www.SilverSeek.com [29]

http://www.investmentrarities.com [30]

http://www.kuik.com/KH/KH.html [31]
(Korelin Business Report -- audio)

http://www.plata.com.mx/plata/home.htm [32]
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm [33]
(In English)

Subscription site:

http://www.lemetropolecafe.com/ [34]

http://www.hsletter.com [35]

Eagle Ranch discussion site:

http://os2eagle.net/checksum.htm [36]

Ted Butler silver commentary archive:

http://www.investmentrarities.com/ [37]

----------------------------------------------------

COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS

Centennial Precious Metals
3033 East 1st Ave.
Suite 403
Denver, Colorado 80206
www.USAGold.com [38]
Michael Kosares, Proprietor
US (800) 869-5115
Canada 1-800-294-9462
European Union 00-800-2760-2760
Australia 0011-800-2760-2760
cpm@usagold.com [39]

Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
www.ColoradoGold.com [40]
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net [41]

El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net [42]
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net [43]

Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com [44]
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com [45]

Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com [46]

Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
www.certifiedcoins.com [47]
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com [48]

Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com [49]
Contacts: David Schectman,
Andy Schectman, and Bob Sichel

Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com [50]

Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com [51]
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com [52]

----------------------------------------------------

HOW TO HELP GATA

If you benefit from GATA's dispatches, please
consider making a financial contribution to
GATA. We welcome contributions as follows.

By check:

Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, CT 06043-7541
USA

By credit card (MasterCard, Visa, and
Discover) over the Internet:

http://www.gata.org/creditcard.html [53]

By GoldMoney:

http://www.GoldMoney.com [54]
Gold Anti-Trust Action Committee Inc.
Holding number 50-08-58-L

Donors of $750 or more will, upon request,
be sent a print of Alain Despert's colorful
painting symbolizing our cause, titled "GATA."

GATA is a civil rights and educational
organization under the U.S. Internal Revenue
Code and contributions to it are tax-deductible
in the United States.

»

Source URL: https://gata.org/node/2345

Links
[1] http://www.sundaytimes.co.za/2004/04/11/business/companies/comp04.asp
[2] mailto:gata-subscribe@yahoogroups.com
[3] mailto:gata-unsubscribe@yahoogroups.com
[4] http://www.jsmineset.com
[5] http://www.cbs.marketwatch.com
[6] http://www.mineweb.com/
[7] http://www.gold-eagle.com/
[8] http://www.kitco.com/
[9] http://www.usagold.com/
[10] http://www.GoldSeek.com/
[11] http://www.capitalupdates.com/
[12] http://www.goldenbar.com/
[13] http://www.silver-investor.com
[14] http://www.thebulliondesk.com/
[15] http://www.sharelynx.com/
[16] http://www.mininglife.com/
[17] http://www.financialsense.com
[18] http://www.goldensextant.com
[19] http://www.goldismoney.info/index.html
[20] http://www.howestreet.com
[21] http://www.depression2.tv
[22] http://www.moneyfiles.org/
[23] http://www.minersmanual.com/minernews.html
[24] http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
[25] http://www.goldcolony.com
[26] http://www.miningstocks.com
[27] http://www.mineralstox.com
[28] http://www.321gold.com
[29] http://www.SilverSeek.com
[30] http://www.investmentrarities.com
[31] http://www.kuik.com/KH/KH.html
[32] http://www.plata.com.mx/plata/home.htm
[33] http://www.plata.com.mx/plata/plata/english.htm
[34] http://www.lemetropolecafe.com/
[35] http://www.hsletter.com
[36] http://os2eagle.net/checksum.htm
[37] http://www.investmentrarities.com/
[38] http://www.USAGold.com
[39] mailto:cpm@usagold.com
[40] http://www.ColoradoGold.com
[41] mailto:Gold@gwe.net
[42] http://www.eldoradogold.net
[43] mailto:harvey@eldoradogold.net
[44] http://www.gloomdoom.com
[45] mailto:gwestgaard@investmentrarities.com
[46] http://www.kitco.com
[47] http://www.certifiedcoins.com
[48] mailto:leecoins@aol.com
[49] http://www.milesfranklin.com
[50] mailto:Metalguys@aol.com
[51] http://www.swissamerica.com
[52] mailto:FiGoldstein@swissamerica.com
[53] http://www.gata.org/creditcard.html
[54] http://www.GoldMoney.com