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.
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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.
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