Yikes! A bulletin from Jim Sinclair says: Hang on to your hats

Section:

Harmony and Gold Fields raise offers to mine workers

http://biz.yahoo.com/rm/030725/minerals_safrica_strike_offer_1.html

JOHANNESBURG, July 25 (Reuters) -- South African gold
producers Gold Fields and Harmony Gold boosted wage
offers in last-ditch talks on Friday ahead of a planned strike
on Sunday, but workers said the hikes were not enough.

Harmony increased its wage offer to 9.5 percent from a
previous 9.0 percent while Gold Fields' offer rose to
9.5-9.75 percent from 9.0-9.5, Chief Negotiator Frans
Barker of employers group the Chamber of Mines told
Reuters.

The world's second biggest gold producer, AngloGold,
had offered a 10 percent increase earlier on Friday,
but all three offers were contingent on workers no longer
demanding additional improvements in job grading,
Barker added.

National Union of Mineworkers' spokesman Moferefere
Lekorotsoana told Reuters the offers were still inadequate,
failing to meet union demands for a 10 percent wage hike
and a sharp boost in job gradings for machine workers.

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