AIM-listed mining company Coal of Africa has dismissed 178 miners for engaging in a four-day unprotected strike.
The dismissed employees, who constituted 48% of the mine's total workforce, were affiliated to the National Union of Mineworkers and were part of the wages collective bargaining unit. They have been given one week to appeal against their dismissal.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The mine's remaining 190 employees will return to work on Friday to resume operation of two of the mine's five underground sections, the processing plant and administrative functions.
The company has a market capitalisation of £99.12m and raised $53.5m in equity capital during the quarter ending September 30th. This comprised $8.7m from Investec Bank and $44.8m from a share issue.
MF
-
Inheritance tax reform ‘largely protects family farms’ – what are the alternatives?Independent analysis of the government’s inheritance tax reforms has found eight out of 10 farming estates will be able to pay their IHT bill without having to sell off parts of the farm
-
UK inflation hits highest level in 18 monthsInflation jumped again in July, hitting 3.8%.
