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[lennonsalive] 26/6/2014 10:25

Still doomed, will run out of cash.

[hedgehog 100] 26/6/2014 10:03

Great news:


"24 June 2014 Last updated at 16:03

South African miners agree wage deal to end strike

Union leaders have signed a wage deal with South Africa's biggest platinum mining companies, ending the nation's longest-running strike.

The Association of Mineworkers and Construction Union (AMCU) has agreed deals with Lonmin, Impala Platinum and Anglo American Platinum.

It means the lowest paid workers' salaries will rise by around 1,000 rand (£55) a month each year until 2017.

The AMCU's striking members will return to work on Wednesday.

The chief executives of the three mining firms said in a joint statement: "The road ahead remains a challenging one and it will take some time for our operations to resume full production."

The settlements differ slightly by company and staff category.

However the basic salaries of the lowest-paid workers will broadly rise by 1,000 rand a month over three years and staff will also receive additional benefits such as pension, housing and health insurance.

Workers will also receive back pay within seven days of returning to their jobs.

Analysis

Milton Nkosi, BBC South Africa correspondent

The fact that South Africa's currency gained 1% against the US dollar is a demonstration of a sigh of relief by the market.

The workers must be the most relieved, given that they haven't been able to earn for nearly half a year, with no bread on the table for their destitute family dependents out in the hinterland.

President Jacob Zuma's new second term administration will also be breathing a sigh of relief because the last thing they want, as they begin a new five year term, is a recession. The economy contracted by 0.6% in the first quarter partly as a result of the strike.

The governing ANC often point out that South Africa's problems of inequality, poverty and high unemployment will only be solved if the economy is growing at about 5% per annum.

So the sooner the miners return underground to dig out that shiny metal from deep in the belly of the earth the better for all of us.

'Living wage' demands

The strike began on 23 January, when more than 70,000 workers downed their tools to demand a "living wage".

Unions sought an almost doubling of the basic pay for entry level workers from 5,000 rand (£264) to 12,500 rand per month as well as better benefits.

AMCU announced that it had accepted a wage settlement and declared that the strike was officially over at a mass rally on Monday.

Joseph Mathunjwa, AMCU's president, addressed approximately 20,000 members at a sports stadium in Phokeng near Rustenberg.

When asked whether the union should accept the offer, members chanted "sign, sign".

Platinum shock

The stoppage has affected 45% of the global supply of platinum and played a part in the contraction of South Africa's economy in the first quarter.

Platinum is used in jewellery and for emissions-capping catalytic converters in automobiles, and South Africa holds around 80% of the world's known platinum reserves.

It is also the world's largest exporter of the precious metal, but five months of stoppages have crippled the country's platinum output, and severely impacted the economy.

According to a website set up by the companies, the strike has so far cost the industry more than 24bn rand (£1.3bn) while employees have lost around 10.6bn (£590m) in wages."

[hedgehog 100] 24/6/2014 16:17

Why don't you do a bit of work yourself and read the RNSes.

[buywell2] 24/6/2014 16:13

Thanks for the hard work muckshifter

Legal costs might kill SHFT before though eh ?

Is there a date set in concrete for the outcome of arbitration ?

[buywell2] 24/6/2014 12:33

Nope

They are too busy flogging the photo-copiers and scanners to pay this months temp offices rent bill

[hedgehog 100] 14/6/2014 16:48

From "The Times" yesterday:

"Lonmin enjoyed some relief on hopes that there could be progress, finally, towards settling a long-running and expensive strike by platinum miners. Shares that changed hands for 336p in February rallied 21p to 257 3/4p. Lonmin contributed to the 38.32-point improvement to 16,125.95 by the FTSE 250."

[hedgehog 100] 12/6/2014 17:10

SHFT's forecasts for the current year are still to be updated, probably because of the ongoing strike in South Africa, as with Lonmin.

From the "Investors Chronicle", 16 May 2014:

"Lonmin eyes strike resolution

Given that most of Lonmin's (LMI) workforce has been on strike for the past four months, it's hardly surprising that the South Africa platinum miner had an abysmal first half. Platinum production fell by two-fifths year on year, causing $164m (£97m) of "special" strike-related operating costs. ...

Investec has placed its forecasts under review until a reliable timeframe for the resumption of operations can be established. ..."

[hedgehog 100] 12/6/2014 16:56

Are SHFT reading this board?!!

Just two minutes after my above post yesterday, they RNSed this:

11/06/2014 17:45 UKREG Shaft Sinkers Holdings Plc Result of AGM

[hedgehog 100] 11/6/2014 17:43

I presume that SHFT's AGM went ahead this morning as scheduled, although there has been no RNS yet, unlike last year:

07/06/2013 14:42 UKREG Shaft Sinkers Holdings Plc Result of AGM
"At the Shaft Sinkers Holdings plc (LSE:SHFT), Annual General Meeting held today, each of the resolutions set out in the Notice of Meeting circulated to shareholders on 30 April 2013 was passed by way of a poll without amendment. ..."


If any readers went I'm sure that we would all appreciate any feedback please.

[buywell2] 06/6/2014 08:16

How much have U lost on this POS ?

Ramping it at over 80p it must be quite a sum

[muckshifter] 04/6/2014 20:51

Hectorp,
I think that all you have read emanated from shft / IMR sources, and drivel like the Helmer article. That means you are only hearing one side of the story, imho.

The point which I felt tipped the scales against shft quite a bit, was the recent probably accidental revelation via some shft spin to a journalist, that the report saying that grouting wouldn't work was suppressed, or hidden from Eurochem, in the pre contract consideration of offers, rather than while work was going on.
And Eurochem don't need to "win" to finish off shft, imho, a 55% "draw" would mean the end of shft.
Regards.

[hectorp] 04/6/2014 20:27

I suspect you are about correct regarsing the arb situation.
If they can not raise the sum involved, I doubt they can borrow such a sum.
However all I have read suggests to me that Eurochem are rather less likely to win their case than 50/50 , but Iv'e little practical experience of these cases.
H.

[muckshifter] 04/6/2014 10:28

Hectorp,
I think they have two critical "survival" points ahead. The norm, with arbitration procedures is that the arbitration court requires the estimated cost of the arbitral proceedings paid in advance split between the parties, iirc. This means that a very large sum is due shortly, as well as a substantial advance payment to their own lawyers and substantial accommodation and transport costs for their own staff attending the hearings, I would expect. Stumping up that payment when they clearly have serious cashflow issues will be critical point 1, imho.

Critical point 2 will obviously be the result of the arbitration. Unfortunately, I believe many holders have been mislead by the constant stream of spin emanating, imho, from shft/ IMR, which has been ignored by Eurochem, and the dishonest and sensational article published all over the place by Helmer. This arbitration still looks to me like a 50/50 survival issue.
Regards.

[hectorp] 04/6/2014 09:47

Well, is SHFT still working away at the Lonmin mine? Will they 'recover' to an extent , this year? is there LIGHT AT THE END OF THE TUNNEL lol
Not funny for those of us sitting on huge losses over the past 12-18 months. Not fun for the hard working staff at SHFT either.
If there is any value to be had, either this goes belly-up or there is daylight , maybe many moons away though.

[hectorp] 04/6/2014 09:38

Hedgehog
Buywell , who makes awaful bearish noises any time gold falls. He seems to miss the bear boat, and then back up goes gold, taking him out. He must be broke.
Between that, and sticking with these duff and duffer 'bios'.

[hedgehog 100] 29/5/2014 17:32

Buyduds2,

Probably at least twice the level of your beloved Cyprotex, as it is at the moment (i.e. SHFT currently 12p, CRX currently 5.75p) ... unless the latter is in the throes of another pump-& dump at that point!


Please see the following CRX thread started by the_doctor, who is an expert in those types of stocks:

"Cyprotex - a buywell dud - dont touch it (CRX)"

[hedgehog 100] 28/5/2014 18:21

On the contrary.

My main stance is that I've said that this is a good long-term investment, and that I'm positive about the EuroChem case: neither of those things have been invalidated.

Conversely, most of your bear predictions here have failed.

[muckshifter] 28/5/2014 18:14

I'm not interested in your pushing of TGL Hedgehog. But the inaccurate drivel that you have posted endlessly while pushing shft has been proved wrong many many times.