Latest news with #mineworkers
Yahoo
18 hours ago
- Business
- Yahoo
Why Harmony Gold Mining Company Limited (HMY) Crashed On Friday
We recently published a list of . In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against other Friday's worst-performing stocks. Harmony Gold saw its share prices decline by 5.27 percent on Friday to finish at $14.56 apiece as investor sentiment was dampened by the death of another mine worker—allegedly the 10th death case recorded this year alone. The news sparked investor concerns about the company's safety regulations and strategy, especially as it aims to achieve zero harm and foster a proactive safety culture. An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley. 'Harmony Gold Mining Company Limited regrets to announce a loss of life due to a fall of ground at its Joel mine in the Free State province. All relevant authorities, family members, and colleagues have been informed,' it said. 'We have been on a journey to achieve zero harm since 2016, and we continually assess the maturity of this journey to identify areas for improvement,' it added. Harmony Gold Mining Company Limited (NYSE:HMY) said that it achieved six months of death-free shifts, showing that its strategy was correct. 'We continue to believe that zero loss of life is possible,' it noted. Overall, HMY ranks 4th on our list of Friday's worst-performing stocks. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
News24
3 days ago
- Business
- News24
Ex-mine workers and families accuse Mantashe, NUM of betrayal, demand ‘R40m, with interest'
Ex-mine workers and families claim they were promised unpaid wages and severance packages after ERPM's 1999 liquidation but have received nothing. Union leaders, including Gwede Mantashe, pledged to invest the money for 10 years. Victims say they are owed millions and they want it paid with interest. More than two decades after the collapse of the East Rand Proprietary Mines (ERPM), former mine workers and their families are still demanding answers and their money. When the ERPM was liquidated in 1999, at least 4 000 workers were affected. Many had worked deep underground for years, often in unsafe conditions. In the aftermath of the mine's closure, workers say they were told that the National Union of Mineworkers (NUM), then under the leadership of its general secretary Gwede Mantashe, had received their settlement packages and would invest the money on their behalf. The mine was shut down after years of low productivity and financial strain. In 1998, it went into provisional liquidation and closed permanently the following year. Since then, former workers and their families have been left in limbo. This year, a group of ex-workers started organising under the Land and Minerals Movement, led by Zakhele Zuma. They held meetings, tracked down the paperwork and began pushing for accountability from both the NUM and the department of mineral resources and energy, which Mantashe now leads. Workers claim that at least R40 million was handed over to the NUM, to be invested for 10 years. Now, 25 years later, they say they have not received a cent and believe the money has grown with interest. In the Ramaphosa settlement on Gauteng's East Rand, Paulina Mokwena sits beside her husband, a former drill operator at the mine. He now struggles to walk, a condition she says was caused by injuries he sustained underground. Mahlatsi Moleya 'When the mine closed, Mantashe and the NUM were involved,' she says. 'They said they had the money. Now my husband's dying, and we haven't seen a cent. If he dies without that money, what does that say about justice in this country?' Former mine worker Leonard Maseko remembers the day the liquidators came in. He says it was then that the promises started. We were told Gwede Mantashe and his team had negotiated with the mine bosses. Later, they said the amount was too little and the money would be invested for ten years. Former mine worker Leonard Maseko 'That was more than 20 years ago. The money is there, they say, but Mantashe won't meet with us. No answers. No truth.' Some former mineworkers believe they were deliberately kept in the dark while others allegedly received hush-money payouts. "Hey, give people R2 on the corners,' says Maseko. 'Even Paul Kruger is said to be involved. But how? If the money is still in investments, where is that cash coming from?' Juliet Adam lost both her parents to this fight. Her father, who worked at the mine from 1967, died of TB in 2002. Her mother died years later, still pursuing the unpaid benefits. 'My parents died broke,' Adam says. We couldn't go to university, while others, like Mantashe's children, could. This fight has cost us everything. Timothy Sibisi, who claims he worked as Mantashe's bodyguard before he became the minister of mineral and petroleum resources, says his recent denial of any knowledge about the ERPM mine workers is deeply painful. I used to escort [protect] him every day. He was scared of being killed. I protected him. And now he says he doesn't know us. Timothy Sibisi Sibisi adds: 'It's betrayal, nothing less.' Mahlatsi Moleya Zuma, who leads the Land and Minerals Movement, has become a voice for the families. He says the group believes the outstanding amount is at least R40 million and that it should have grown with interest over the years. 'The figure is based on what former mine workers believe was owed in wages, packages and potential returns,' Zuma explains. We want that R40 million and the interest. We've been patient for 25 years. It's enough. Zakhele Zuma Rumours of secret payouts have only deepened the mistrust. 'We hear that some people were given money under the table, R1 000 here and there,' says Maseko. 'Where's that money coming from if it's all 'invested'?' The affected families say they have written to the NUM, Mantashe's office and the liquidators over the years but have received no proper response. Some say they have even been threatened or discouraged from pursuing the matter. City Press can confirm that documentation exists showing the NUM was involved in the payment arrangements for the funds intended for the mine workers and their families. What remains unclear is how the money was managed and why no payments have been made to workers. Timeline: A long wait for justice 1967: Juliet Adam's father begins work at the ERPM. 1998: ERPM placed under provisional liquidation. 1999: Mine shuts down; about 4 000 workers are affected. Early 2000s: R40 million reportedly handed to the NUM to invest for 10 years. 2017: No payments made; affected families demand transparency from the union. 2025: Workers organise under the Land and Minerals Movement. City Press contacted Mantashe and the NUM for comment. They had not responded by the time of publication. This is a developing story.
Free Malaysia Today
24-05-2025
- General
- Free Malaysia Today
South Africa rescues all 260 miners stuck underground
Mining employs hundreds of thousands of people in South Africa but accidents are common. (EPA Images pic) WESTONARIA : Rescuers yesterday pulled out all 260 mine workers who had been stuck for more than 24 hours in an underground shaft in South Africa, the mine's operator said. The miners were trapped underground on Thursday at the Kloof gold mine, 60km west of Johannesburg, after a hoist used to access the shaft was damaged in an accident, the mining company Sibanye-Stillwater said. The first phase of the rescue brought 79 people to the surface by 1.30pm while the rest were rescued six hours later, it said in a statement. 'At no point was there any risk of injury to employees during the incident,' it said. A decision had been made against using the emergency escape routes which would have involved the miners walking longer distances, it added. The gold mine is one of the deepest operated by the Johannesburg Stock Exchange-listed company. Desperate relatives of the miners waited outside the site during the rescue efforts, most of them expressing shock at the incident, local television footage showed. 'All affected employees will also undergo thorough medical examinations, if required, while support has also been extended to employees' families,' the mining company said. The National Union of Mineworkers said the incident happened around 10am on Thursday. It expressed concern for the miners who had been 'underground for almost 20 hours'. Sibanye-Stillwater had said earlier that the miners would be brought to the surface around midday yesterday. 'The employees are not trapped; it was decided to keep them at the sub-shaft station for now,' spokesman Henrika Ninham said. Mining employs hundreds of thousands of people in South Africa, which is the biggest exporter of platinum and a major exporter of gold, diamonds, coal and other raw materials. But accidents are common. Dozens of mine workers are killed each year, though the numbers have been falling as safety standards have been stepped up over the past two decades. According to industry group Minerals Council South Africa, 42 miners died in 2024, compared to 55 the previous year. Sibanye-Stillwater chief executive Neal Froneman said yesterday they would not resume operations 'until we are confident that all the necessary remedial actions have been implemented'.
The Herald
23-05-2025
- General
- The Herald
NUM receives reports of 289 trapped at Kloof mine near Joburg
Sibanye-Stillwater said on Friday rescue efforts were under way for 289 mine workers trapped underground at its Kloof gold mine near Johannesburg. 'We can confirm we had an incident at Kloof 7 shaft and are busy making safe and shaft exam procedures, whereafter we will hoist the employees to the surface,' said a spokesperson for Sibanye. The spokesperson said all workers were safe and accounted for and the company was providing them food. 'We expect the situation to be resolved by about midday today,' the spokesperson said. The National Union of Mineworkers (NUM) earlier said it had received reports about the incident, which it said happened at about 10pm on Thursday. 'We have reports that about 300 workers are trapped underground at Kloof mine No 7 shaft,' a NUM spokesperson told Reuters. Reuters
Free Malaysia Today
23-05-2025
- Free Malaysia Today
Sibanye says 289 workers trapped in South African gold mine
The Kloof mine accounts for 14% of Sibanye's total gold output. (EPA Images pic) JOHANNESBURG : South Africa's Sibanye Stillwater said on Friday that efforts were under way to rescue 289 mine workers trapped underground at one of its shafts at the Kloof gold mine near Johannesburg. The workers were safe and gathered at an assembly point in the underground gold mine, one of the company's deepest, located around 60km west of Johannesburg, it said. It did not provide details on the incident, though a Sibanye spokesperson confirmed it had occurred in the mine's Kloof 7 shaft, adding that all the miners were accounted for and the company was providing them with food. Safety procedures and an examination of the shaft were under way, the spokesperson added, after which the miners would be hoisted to the surface. 'We expect the situation to be resolved by about midday today,' the spokesperson said. Mining accidents are not uncommon in South Africa, which has some of the world's deepest and oldest gold mines. Earlier this year, at least 78 bodies were pulled from an illegal gold mine after police cut off food and water supplies for months in an attempt to crack down on illegal mining activity. Johannesburg-based Sibanye is among only a few South African miners squeezing profits from the area's gold deposits. The precious metals producer is mining at depths of about 3,200m at the Kloof 7 shaft. The Kloof mine, which accounts for 14% of Sibanye's total gold output, also operates two other shafts. The National Union of Mineworkers (NUM) earlier said it had received reports of the incident, which it said happened at around 10pm (0800 pm GMT) on Thursday.
