Business News of 2014-08-29

Miners close to resolving impasse with Newmont

Barring any last minute hitches, the arbitration between Mining giant Newmont Ghana and its junior staff could see some closure next week.
This follows reports that negotiations between the two in their dispute resolution process are far advanced.
The impasse between the two heightened when Newmont announced its intentions to lay off some 600 of its workers as part of its retrenchment plans.
The matter was sent to the National Labour commission which directed that they two parties resort to arbitration to resolve the issues.
The mine workers have threatened to embark on a strike if Newmont ignores NLC’s ruling and goes ahead to sack the workers.
Speaking to Citi Business News on the latest updates, Secretary-General of the Mine Workers Union, Prince William Ankrah said he is hopeful they will bring closure to the issue by the end of next week.
The mining sector has seen some massive retrenchment exercises this year.
With thousands of miners expected to lose as well as losing their jobs following the continuous plunge in gold prices globally.
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