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Business: Solidarity Relieved Harmony is Buying President Steyn Mine

 





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The trade union Solidarity today welcomed Harmony’s official purchase of the President Steyn mine of Pamodzi in Welkom in the Free State. Harmony had previously temporarily suspended the purchase in order to grant Pamodzi the opportunity to try and save its former asset.

“Solidarity and its members are relieved that Harmony signed the purchase agreement yesterday, which determines that Harmony will now take over the President Steyn mine. This ends months of uncertainty. Time and again, Pamodzi came up with a Best Rock promise, creating new but false hope. In the last effort from Pamodzi, the group promised funds from the CADF (China Africa Development Fund). However, they could not even put down the R11 million needed for the mine’s basic monthly maintenance,” explained Gideon du Plessis, deputy general secretary of Solidarity.

“Employees, trade unions and the community now know what direction is being taken. However, there is still a difficult road ahead because a portion of the labour force will not be reemployed. Nevertheless, the long-term survival of the mine has been secured and, therefore, the mine can once again be transformed into a profitable asset. Harmony has the necessary capital, experience, technology and infrastructure to turn the struggling mine around again and restore profitable production,” Du Plessis said.

“Solidarity has repeatedly requested that a forensic investigation of Pamodzi be launched. It is important to get clarity about what exactly has happened to the Pamodzi millions,” Du Plessis added.

“Solidarity and its members at Pamodzi would also like to thank the community who assisted the employees with donations in their hour of need. It is not yet known when the mine will reopen because the mining licence first has to be transferred to the new management before Harmony can start mining,” according to Du Plessis.

 
 
 
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