Shaft Sinkers plummets following strikes

Shaft Sinkers, an international shaft sinking and underground construction group, fell to a 52-week low following news that some of its workers at Lonmin's Saffy shaft have gone on strike.

This disruption to operations comes amid strike action elsewhere in South Africa's mining sector.

In a statement the company said: "Management's priority is to maintain safety, peace and stability and to continue constructive dialogue with employees whilst adhering to the Labour's Relations Act."

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It added that work at the Moab project for AngloGold Ashanti continues to be interrupted due to strike action and warned: "Should the broader on-going industrial action in South Africa's mining industry continue, this may adversely affect the margin earned on the company's South African operations. The company will provide further updates as and when appropriate."

CM