Shaft Sinker rolling in good news
Underground construction group Shaft Sinkers jumped after a double whammy of good news, with striking miners going back to work and the award of further business.
Underground construction group Shaft Sinkers jumped after a double whammy of good news, with striking miners going back to work and the award of further business.
The firm had to suspend work at AngloGold Ashanti's Moab project in South Africa after miners took wildcat strike action.
However, it said all shifts had now reported for duty and operations were back to normal.
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
Work at Lonmin's Saffy shaft was also suspended after some workers took unannounced strike action.
Following legal action pursued by the company to declare the strike illegal, workers were given an ultimatum to return to work by no later than Monday 29th October.
The firm said this deadline had been met and all staff were back at work.
Shaft Sinkers urged employees to use "formal and recognised engagement structures" to address any concerns going forward.
The 7.4% jump in the firm's share price was also down to the award of additional work on its existing projects at Impala's 16 and 17 Shafts.
It said the new work would add £16.25m to its order book.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Energy bills to rise by 1.2% in January 2025
Energy bills are set to rise 1.2% in the New Year when the latest energy price cap comes into play, Ofgem has confirmed
By Dan McEvoy Published
-
Should you invest in Trainline?
Ticket seller Trainline offers a useful service – and good prospects for investors
By Dr Matthew Partridge Published