Gilbert Mosala shuffles across the deserted parking lot of Buffelsfontein Gold Mine in central South Africa, home to the world’s largest gold reserves. In the past year, almost 95 percent of his 2,500 colleagues were fired.
A South African court dismissed an application to stop Anglo American Platinum Ltd. from firing employees as a strike over the dismissals at the world’s largest producer of the metal approaches the end of its second week.
Anglo American Platinum Ltd., the largest producer of the metal, will do better to see out the strike at its South African mines than by giving in on planned job cuts, said Coronation Asset Management Ltd.
More than 60,000 South African gold miners began resuming work last night after a 48-hour strike as they accepted an 8 percent pay increase from companies including AngloGold Ashanti Ltd. and Sibanye Gold Ltd.