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.
The company stated that the strikers were protesting against the suspension of four of their colleagues who it said had breached picketing rules and terms of a court interdict during a protected strike at the mine in October, and were demanding that the suspensions be lifted.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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.
Act now: First Direct’s £175 switching bonus ending soon
First Direct has launched a £12,500 prize draw on top of its £175 cash bonus - but they both finish soon, so you’ll need to be quick
By Vaishali Varu Published
Credit card providers slash 0% balance transfer deals
Customers face a double whammy of rising interest rates and shorter 0% balance transfer periods. We look at what’s going on in the credit card market and why you’ll need to act fast to get the top 0% balance transfer deal
By Ruth Emery Published