Retrenchments at Pan African Resources’ Evander mine to cost R160m
Pan African Resources agreed to a R160m retrenchment scheme with labour at its Evander Gold Mine, where it is laying off 1,700 employees. Pan African, which is listed in Johannesburg and London, attributed its move to the low rand-gold price and its inability to return the Evander underground mine to profit. It joins a growing list of gold and platinum mining companies in SA laying off workers and closing shafts. Pan African said on Thursday that it had concluded the section 189 engagement with organised labour at Evander in terms of the Labour Relations Act and had signed retrenchment agreements with unions. The R160m settlement would be paid from debt and cash. One of the potential offsets to the job cuts would be a project to extract the 8 Shaft pillar — an area of rock left untouched around the shaft to ensure its integrity — that Pan African was studying to determine the economics. Good news coming from the company was that it was days away from completing the commissioning of ...
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