South African mining company Coal of Africa has reinstated 178 miners who were dismissed six days ago for engaging in a four-day unprotected strike.
The company, which operates the Mooiplaats coal mine in the Mpumalanga province in South Africa, advised that it had signed a Memorandum of Understanding with the National Union of Mineworkers relating to the dismissal of 178 employees on December 6th.
Under the terms of the Memorandum, the employees have been reinstated without pay for the period December 3rd until December 12th inclusive.
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
All 178 miners have been issued with final written warning letters which are valid for one year, for engaging in what the company defined as an "un-procedural industrial action".
Coal of Africa said that all pending disciplinary cases would follow due process and that the company expects to return to normal production by the end of the next week.
Over the past 12 months, the company's share price has plummeted by 78.08%. Following the news of the miners' reinstatement, the Coal of Africa share price was up 3.23% to 12p at 09:40 on Thursday morning.
MF
-
Should you invest in UK equities?The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
-
State pension errors: DWP urged to check for mistakes among divorced peopleFormer pensions minister Steve Webb says there are a high number of divorced women on low state pensions. Now MPs want the DWP to check if there were any errors in “potentially underpaying men and women who are divorced”.
