Wednesday, September 4th 06:43 PM IST
News update:Protest in Romania over new Gold mine,strike hits 17 mines in Africa
# gold # gold mining # Romania # South Africa # NUM # Indian monsoon
Reuters reported that the strike in gold mines which began on Tuesday has impacted operations at 17 of the 23 mines where wage negotiations are still taking place. According to Chamber of Mines negotiating on behalf of the industry, operations in these mines were partially or severely affected
Image courtesy of FreeDigitalPhotos.com
LONDON (Bullion Street): The Romanian government is facing stiff opposition as it moves ahead with its proposal to start an open-castgold mine in Carpathian town of Roia Montana. A new bill to be passed in Parliament will allow Canadian Gabriel Resources Ltd to mine 314 tons of gold and 1500 tons of silver thorugh its local arm and protestors said that government is flouting all rules to favour a foreign company.
South Africa mine strike:
Reuters reported that the strike in gold mines which began on Tuesday has impacted operations at 17 of the 23 mines where wage negotiations are still taking place. According to Chamber of Mines negotiating on behalf of the industry, operations in these mines were partially or severely affected. National Union of Mine Workers (NUM) seem to have lowered its wage hike demands setting the stage for a possible compromise and curtailing of indefinite strike. The unions had demanded a hike of upto 60% for mine workers while the managements were willing to give up to 6% wage rise.
Bountiful monsoon in India and gold demand:
Bountiful monsoon in India may raise the demand for gold while the government is taking all steps to curb its imports and consumption.Weakness in Rupee has caused a rally in gold prices in India with the impending festival demand giving an added boost. Even as government claims to have curbed gold imports by effecting a hike in import duty to 10% recently, gold smuggling is reportedly climbing up. World Gold Council suggests India's gold demand - not too different from imports - could be over 70 tonnes a month in the second half, hitting a record 1,000 tonnes for the full year to match China.
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