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Gold One International www.gold1.co.za/index.php
Full Gold One International profile here

Gold One International (ASX: GDO, JSE: GDO) flagship operation is the Modder East mine, also owns the nearby existing Sub Nigel mine. The company's assets include a pipeline of Southern African projects comprising 21.71 million ounces.

 

Gold One is currently under a A$0.55 cash offer for a minimum 60% stake from a Chinese consortium.

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Gold One International updates the market on Modder East Operations

Gold One International (ASX: GDO, JSE: GDO) has updated the market on operations at Modder East in South Africa.

In a statement to the ASX the company said:

Gold One International advises that on Friday 9 March, 2012, the morning shift workers at the company's Modder East Operations embarked on an unprotected strike.

Gold One Management is engaging with the National Union of Mine Workers, which represents the majority of Modder East's 1800 workers. To date no formal dispute has been declared, nor has the company received a notice of the commencement of strike action.

Under these circumstances the strike is unprotected and may constitute fair reason for dismissal of the workers who participate in same.

Management understands that the suspension of six employees after their alleged involvement in an underground incident on 24 February, 2012, when an underground shift supervisor was removed from his working place by a group of employees who demanded that he be withdrawn from underground, is the reason for the work stoppage.

Management has issued an ultimatum to return to work. Gold One is continuing to evaluate all options and will be implementing the policy of ‘no work – no pay’.

Management has ensured that contingency plans are in place to manage the impact of strike action and will continue to keep shareholders informed on further developments.

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