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South African Union To Demand Higher Minimum Wage From Gold Producers

Kitco News

South Africa’s Association of Mineworkers and Construction Union says it will demand a higher minimum monthly wage of ZAR12,500 (USD$953) in their upcoming negotiations with the country’s gold producers. “This is significantly higher than the ZAR10,500 per month demanded by the larger National Union of Mineworkers, and the ZAR7,700 per month currently seen as the industry norm,” says BMO Capital Markets analyst Colin Hamilton. “This sets the scene for a fractious negotiation period with unions in conflict with each other as well as the mining industry.” The union will also be asking for a 5-day work week, better housing, and maternity leave benefits. 

By Anna Golubova of Kitco News; agolubova@kitco.com

 

Jaguar: Mining Back To Normal After Strike By Truckers Ends

Monday June 11, 2018 08:51

Jaguar Mining Inc. (TSX: JAG) announces that all underground mining activities at its Pilar and Turmalina gold mines are back to normal following a 10-day national strike by truckers that disrupted the supply chain for critical mining consumables, in turn impacting the company’s gold production. Still, Jaguar says it expects some shipping and logistics issues to persist over the coming weeks as transportation normalizes to clear delivery backlogs throughout the country. “The company is reviewing opportunities to increase inventory stock levels, where possible, to ensure mining activities remain uninterrupted and safe,” Jaguar says, adding that it will provide an update on the impact to production with the release of second-quarter operating results.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Gran Colombia Gold: Near Upper End Of Guidance So Far In 2018

Monday June 11, 2018 08:51

Gran Colombia Gold Corp. (TSX: GCM) says it produced 18,675 ounces of gold in May, bringing the total for the first five months of 2018 to 87,465, up 27% from the first five months of 2017. This also brings the company’s trailing 12 months of gold production to 192,461 ounces, up 11% from 2017 annual production of 173,821 ounces and near the top end of 2018 guidance of between 182,000 and 193,000 ounces. “Continuing focus on our high-grade Segovia operations is driving our production growth as expected, and we are pleased to see that we are trending toward a total of 200,000 ounces of gold for 2018,” says Serafino Iacono, executive co-chairman of Gran Colombia.

By Allen Sykora of Kitco News; asykora@kitco.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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