South Africa: Petra Diamonds Share Price hit by Strike Action

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South African miner, Petra Diamonds saw fell 4 percent on this week after it experienced labor disruption on Monday at its Finsch mine and Kimberley Ekapa Mining JV operations.

Members of South Africa’s National Union of Mineworkers (NUM) are disgruntled over pay, regional secretary Cornelius Manhe said, after more than 600 members downed tools on Monday.

The London-listed miner had warned on Monday that there could be labor unrest as it finalizes a new wage agreement for its operations in South Africa, sending its shares down 7 percent on the day, Reuters reported.

It also said on Monday that it had resumed operations at its Williamson mine in Tanzania after a four-day stoppage, adding that its full-year production target remains unchanged.

Petra Diamonds had halted operations at the mine last week after the Tanzanian government seized a consignment of diamonds and questioned Petra personnel as part of a crackdown on the mining sector.

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