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Kumba shares tumble as strike starts

10 Oct 2012

Shares in Kumba Iron Ore dropped more than 5% to their lowest level in four weeks after the mining group confirmed on Wednesday that 300 employees at its Sishen Mine in the Northern Cape had started an unprotected strike on Wednesday.

"The employees are not represented by any of the recognised unions and their exact demands are not clear. The action is limited to one area of the open cast mine leaving most of the mine unaffected‚" Kumba said in a statement.

Kumba's share price fell 4.47% to R479.32 as a result of the strike action.

Source: I-Net Bridge

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