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And sibanye pick up the pieces they want when/if lonmin go bust!....would be a really slap in bens face if the pampered amcu go on strike at lmi when they are keeping the majority of workers on!...joe is being backed into a corner and is really turning up the heat...lmi is mirroring sgl sp which looks really strong
Rastuss completely agree with your second thought as to rationale for extending the strike! For LMI any strike seems a bizzare tactic given wage negotiations start soon and cannot see miners being happy going out again as part of these negotiations! Labour court really does need to get finger out but as you say it does not have a reputation for speed!
Other thing is how much inventory LMI hold as that will give an indication of how long they can survive a strike without going bust! SBGL will undoubtedly survive, could even profit significantly if PD increases as a result of strike as market already tight and stillwater already raking in cash for them!
Rastuss my view is the labour court still needs to rule re verification process but first they need to sort out the technical issue that the AMCU raised. I could be wrong as it is confusing! Agree regardless of result both parties will appeal regardless but if it is in SBGL favour will the court say strike is still protected whilst they review appeal or not. If its not protected then strike over or it becomes illegal! Sure Uncle Joe will not care either way as he gets his political agenda oxygen regardless of the impact on his members! Very sad and not good for a key industry in S.A. or its people.
Going parabolic....sold a few more riding this thing up!
Rastuss this will put pressure on the labour court to get its finger out as Uncle Joe upping stakes! Alternatively Jabba could always give Uncle Joe a call as he is clearly miffed at not speaking one to one, perhaps offering him a seat on board!
You can sense the frustration in the release! On a positive note maybe the Labour court can get on with deciding the AMCU issue! Then they can rule on the verification process!
I would be interested to know if the strike is still solid as these people have been without wages for a long time now and must be hurting.
Rastuss doubt they are putting off all reductions, just deferring some as forced redundancy costs high as you said, so they will stick to volunteers and staff turnover to manage reductions I suspect. Sensible if high PGM basket price allows it by making some shafts marginally profitable. It also satisfys takeover conditions to look at minimising job losses. This can only be short term though as productivity improvements required to make business sustainable in longer term without significant rise in PT price which is still languishing at a low level look at price of PT in update not good.
Re employee directors for this to work unions need to work together first, its not managements problem how individuals selected normally so this is somewhat in future unfortunately I would guess!
Sentiment for SBGL seems to have turned favourably as rise in last month has been good for both sets of shareholders long may it continue but positive Labour court news would definitely underpin SP rise further we live in hope!
Short closing?
Deal either being priced in or lmi go it alone
I say deal is on!
GLA
AMCU control keeping those workers on!
Rastuss good interview assuming its the CNBC Africa one at Indaba. Interesting point re unions on exec board a point close to my heart for good industrial relations in any organisation! He maintained his position re strike so is playing waiting game re labour court outcome! Think June closure of deal optimistic! He is canny re Gold acquisitions quite rightly. My view is he will only go for gold opportunities where he is assured cooperation in modernising working practices as most gold fields are marginal at best and desperately in need of modernisation to make profitable.
Did you notice reference to job losses in update being delayed as suspected because of high PGM Bp some job losses deferred! Without PD and Rh increases LMI would be in serious trouble by now!
Enjoying SGL more!
Rastuss you maybe be right, we will need to wait and see if guidance does change and safety is a priority. Think the main focus will be to get deal over line and hope rand does not appreciate to much in coming months and PGM BP remains buoyant as that's what is keeping them afloat!
@ 8/2/19 = R15,468
Q1 COP would have been in my target area of R12,700 but production issues messed that up!
Still keeping shafts open i see! amcu pressure i bet!
Stoppages have caused this and should reverse Q2-Q3
R111 out with my BP calcs!
COP is black or red....landed red this time
Not great but not the end of the world and they have kept guidance the same for 2019!
I didn't expect anything less than smoke and mirrors. In fact I am surprised the Board din't even paint a worse scenario...
You can fool some of the people some of the time and all the people some of the time but you can't fool all the people all of the time...
Sorry rastuss 230-190=40 its confusing!
Inc asset sale 57mill cashdraw they have $80 cash up from $63 mill Q1 18 and $49 Q1 17
Rastuss: Thanks
$34 mill? COP very high and keeps rising BP covering that but were does it end?