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South African gold miners' union negotiations, market fears repeat of platinum miners' strike
Release time:
15 May,2015
The 2014 platinum mining strike in South Africa was the longest in the country's history. The strike, initiated by the trade union AMCU, lasted 5 months and impacted South Africa's platinum production by 1.3 million ounces, roughly one-third of global mining output.
Currently, AMCU is negotiating with mining companies regarding wages for gold miners, demanding a doubling of wages for low-income miners, aiming for an entry-level miner's wage of $1200.
AMCU claims to represent 40% of gold miners. Another major union, NUM, is demanding an 80% wage increase.
South Africa was once the world's largest gold producer, until China surpassed it in 2007.
South Africa's annual gold production has fallen from over 1000 tons in the 1960s and 70s to approximately 160 tons today.
The decline in production is evident in the gold index. In January 1980, the index was at 359; by 2015, it had fallen to 48.4. This means South Africa's gold production in 2015 was 80% lower than in 1980.
In 1993, South Africa's gold sales revenue accounted for 3.8% of its GDP; by 2013, this proportion had dropped to 1.7%. In 1980, gold production accounted for 67% of the total value of South Africa's mining production; by 2014, this had fallen to 12.5%.
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