JOHANNESBURG (miningweekly.com) – Central Rand Gold (CRG) on Thursday requested a suspension in trading in its shares on the JSE and LSE, owing to ongoing production losses associated with strikes at its operations.
The miner on Wednesday reported that negotiations for yearly wage increases had reached a deadlock with employees embarking on a strike.
On Thursday, CRG said “relations [are] worsening”, with management of its subsidiaries having been excluded from the premises.
Further, with its operations now not delivering cash flows, CRG said it was unsure whether it would meet its operational cash commitments of $1-million in the coming month.
“While every effort has been made to reach a resolution with the strikers, we continue to lose production days and will do so for the immediate future until the dispute is resolved. Even then, it will take time for the operations to resume at usual levels,” the company said in a statement.