Gold CEOs Seek Productivity Pledge in South Africa Pay Talks
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The four biggest gold miners in South Africa, the source of a third of all bullion the world has yet produced, say productivity must be included in the wage negotiations with employees due to begin in about April.
AngloGold Ashanti Ltd., Gold Fields Ltd., Sibanye Gold Ltd. and Harmony Gold Mining Co. have been trying for at least a decade to link pay increases to efficiency gains. After platinum workers won basic wage raises of as much as 20 percent following a five-month strike last year, they say a productivity link is needed more than ever.