A LEADING international investment firm, JP Morgan Cazenove, has slated the government, unions and mining bosses for failing to avert the Marikana massacre.
In its 106-page investor report, titled "Watershed moment for SA miners - Future uncertain", JP Morgan Cazenove said the trio did not handle their individual responsibilities, pointing out that their apparent lapses eventually led to the August 16 tragedy in which 34 miners were shot dead by police.
While the report acknowledged that the pay gap between managers and workers was ever-growing, it seemed to suggest that investors would discourage any moves to drastically increase mine wages.
The report is prepared for JP Morgan Cazenove clients who invest in the country.
It stated that the labour relations climate in the mining sector was changing and there were unlawful disruptions at the mines because of the strikes.
The report also questioned whether the unrest in Marikana was not related to the political power struggle in the ANC.
The report cautioned that, should this be the case, "it might mean the unrest will continue until December at least, which could prove extremely damaging for the miners ...
"If there is any substance to a hypothesis that politics are connected to the current labour unrest, we fear a time may come when politicians blame mining companies for the broader poverty - driven unrest in areas surrounding their operations," the report warned.
The report blamed mining bosses for being slow to accept unions, describing the situation as "a pity since in a healthy labour democracy, productivity, safety and health can be more effectively delivered than in a dysfunctional environment, to the benefit of all stakeholders".
On the National Union of Mineworkers (NUM), it said there was a sentiment in the mining industry that NUM was losing touch with its constituency.
"This is because NUM has become too close to both mines management and the ruling ANC party."
It is believed this closeness to the ruling party and mine bosses opened the door for NUM's rival - the Association of Mineworkers and Construction Union (Amcu).
However, the report also attacked Amcu for having "not followed the (labour) processes ... and has therefore not worked within SA's labour law framework". - molatlhwao@sowetan.co.za
Report takes swipe at state, unions and mining bosses
A LEADING international investment firm, JP Morgan Cazenove, has slated the government, unions and mining bosses for failing to avert the Marikana massacre.
In its 106-page investor report, titled "Watershed moment for SA miners - Future uncertain", JP Morgan Cazenove said the trio did not handle their individual responsibilities, pointing out that their apparent lapses eventually led to the August 16 tragedy in which 34 miners were shot dead by police.
While the report acknowledged that the pay gap between managers and workers was ever-growing, it seemed to suggest that investors would discourage any moves to drastically increase mine wages.
The report is prepared for JP Morgan Cazenove clients who invest in the country.
It stated that the labour relations climate in the mining sector was changing and there were unlawful disruptions at the mines because of the strikes.
The report also questioned whether the unrest in Marikana was not related to the political power struggle in the ANC.
The report cautioned that, should this be the case, "it might mean the unrest will continue until December at least, which could prove extremely damaging for the miners ...
"If there is any substance to a hypothesis that politics are connected to the current labour unrest, we fear a time may come when politicians blame mining companies for the broader poverty - driven unrest in areas surrounding their operations," the report warned.
The report blamed mining bosses for being slow to accept unions, describing the situation as "a pity since in a healthy labour democracy, productivity, safety and health can be more effectively delivered than in a dysfunctional environment, to the benefit of all stakeholders".
On the National Union of Mineworkers (NUM), it said there was a sentiment in the mining industry that NUM was losing touch with its constituency.
"This is because NUM has become too close to both mines management and the ruling ANC party."
It is believed this closeness to the ruling party and mine bosses opened the door for NUM's rival - the Association of Mineworkers and Construction Union (Amcu).
However, the report also attacked Amcu for having "not followed the (labour) processes ... and has therefore not worked within SA's labour law framework". - molatlhwao@sowetan.co.za
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending
Latest Videos