Quantcast
 
Read Larry Connors' blogShort Term Trading Strategies


 

Barplats Serves Notice to Contract Companies At Crocodile River Mine

Mon. July 13, 2009; Posted: 06:31 PM
Stocks RSS
Johannesburg, Jul 13, 2009 (Business Day/All Africa Global Media via COMTEX) -- ELRFF | Quote | Chart | News | PowerRating -- Ian Rozier, President and CEO of Eastern Platinum Limited has served notice to terminate the services of the Contract Mining companies whose employees were involved in the illegal sit in at CRM. The contracts will terminate with immediate effect. Crocodile River Mine confirms that the company has brought charges against those individuals employed by the contractor companies who were engaged in the activities of last week, specifically in relation to safety and health transgressions, and to the holding of other underground personnel against their will, as documented by the South African Police Services from statements made by those held.

The Mine statement released on SENS says CRM intends to undertake all core mining activities with mineworkers directly employed by CRM.

The Company employs 1,500 people and will engage the additional employees required in the immediate future.

CRM says the process is expected to have a short term impact on production.

The processing plant at CRM has continued to operate at full capacity from the surface ore stockpile since the beginning of the illegal 'sit-in' that began on Thursday 9 July. Currently about 25% of production at CRM comes from the Maroelabult section, which was unaffected by the illegal action. CRM will reassign crews currently in its direct employ in order to expedite the transition of all core mining activities at CRM to 'owner mining' This will enable about 50% of current production to be achieved immediately mitigating the impact of the transition. In line with a Memorandum of Understanding signed with the National Union of Mineworkers on Saturday (11th July) and with South African labour legislation, CRM will discuss its plans with the NUM to move towards direct employment for all core mining activities. "The direct employee/contractor employee issue in the mining sector in South

Africa is a complex one and is a high priority for the mining industry and the

NUM to resolve. However, in light of the legal and safety issues surrounding the events of last week, we have no alternative but to terminate the services of the Contract Mining companies" the statement says.

For full details for ELRFF click here.

    


More News:   Market Updates | Stock Alerts | All Trading News | Stock Index

Email
Print
Archives
Feedback
Email Article Link
Close X
Recipients email address
Your name
Your email
Add a note (optional)




Stocks RSS





Related News [ELRFF]
  UPCOMING EVENTS
Learn new strategies, how to trade in this market, and the stocks you should be focusing on each day. Join us for our free 20 minute tele-seminars during the week.
* Attendance is strictly limited and are filled on a first-come, first-served basis.
PREMIER SPONSORED LINKS
TRADE CENTER
 
The TradingMarkets Directory
RELATED SITES
Nothing but forex
Please call 1-213-955-5858 ext. 1

About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

© Copyright 2009 The Connors Group, Inc.


All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

© 2009 The Connors Group, Inc.