Sibanye Gold recognises AMCU as majority union

JOHANNESBURG, July 12 (Reuters) - South African gold producer Sibanye Gold (JSE:SGL) said on Friday it had recognised the Association of?Mineworkers and Construction Union?(AMCU) as the majority union at its Driefontein operations.

The recognition is the first formal acknowledgement of AMCU at a South African gold mine. It coincides with the start of industry-wide wage talks between gold producers and trade unions.

Sibanye Gold shares took a beating after it recognises the Association of Mineworkers and Construction Union (AMCU) as the majority union at its Driefontein operations, the first formal nod by a South African gold producer for a union many see as militant.

AMCU represents 17% of the gold mining workforce, according to the Chamber of Mines, and has demanded that gold producers more than double the wages of entry-level workers.

Sibanye shares are down nearly 2%, the biggest decline among other gold miners and compared with a 1.65% rise by the gold mining index .

Source: http://www.moneyweb.co.za/moneyweb-mining/sibanye-gold-recognises-amcu-as-majority-union?sn=2009%20Detail

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