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Miners Trapped

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MichaelR
Regular Contributor
Just read on news 24 that there are 3000 miners trapped at Elandsrand mine near Cartonville.I wonder how this will affect the share price as they say this shaft hasnt been maintained for a while?
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38 REPLIES 38
john_1
Super Contributor
Geez! dude there are 3000 men trapped underground and you are talking share price... what is wrong with you.
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Not applicable
looks like this is a good time to be buying HAR....
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john_1
Super Contributor
No such thing.
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john_1
Super Contributor
Nice call on WHL.. a very good lesson in volume as an indicator.
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Not applicable
John ....u are speaking to someone who has made very good money on HAR...you have to start employing a little contrarian thinking....this is an example of news thats already in the price...
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john_1
Super Contributor
I am being contrarian. I buy platinum shares when the gold price goes up!
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Preston
Super Contributor
i hope these guys will survive. 3000 is large number of men to be trapped underground.
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Preston
Super Contributor
FYI Oct 04 2007 06:36 AM Carletonville - Thousands of miners were being painstakingly brought to the surface on Thursday after spending hours trapped more than two kilometers underground at a gold mine in South Africa.No injuries were reported after the accident at Elandsrand mine, southwest of Johannesburg, on Wednesday when some 3 200 miners first became stuck underground after a lift cable apparently snapped at 10:00.But unions warned the incident should serve as a wake-up call to the industry, saying it had highlighted the shortcomings in safety.The exhausted but relieved miners meanwhile recounted how they had kept up their spirits by singing in the mine shaft.Around 450 miners had been ferried to the surface by around 05:00 on Thursday on a makeshift lift, packed 75 at a time into three cages, according to an AFP correspondent at the scene.The first miners were brought to the surface at around 02:00 and were found to be in "good condition", according to Harmony Gold spokesperson Amelia Soares.She said the rescue operation, which began shortly after midnight, was likely to take around 10 hours.No escape route"They are all in good condition," Soares added.As they emerged onto solid ground, the miners were handed sandwiches, greeted by relatives, and then whisked away for medical examinations but they appeared in good spirits."When the light went off, we didn't know what happened. At the beginning we were not so scared but as time went we didn't know how long it would take," said father-of-two David Mokqosi who has been working at Elandsrand since 1987."It's the first time something has happpened like that. This should be a lesson to the management. We must have an escape route."Paramedics had been sent down to check on the other miners, who were trapped at level 73 of the mine, some 2.2 kilometres below the surface.After unions earlier expressed fears the miners face the danger of suffocating, Soares said the rescuers would bring them fresh oxygen supplies."They will make sure that enough oxygen is sent down so there is no risk," she said.Singing to pass the timeThe National Union of Mineworkers (NUM) said shop stewards were sent down with the rescuers in order to calm the anxieties of those waiting to surface."Anxiety and exhaustion can create a situation where you get anxiety attacks and people might rush the cages," NUM spokesperson Peter Bailey told AFP.One of the first to emerge to the ground said however there was little sign of panic."We were not too worried because we had our (head)lights. We were singing, speaking to each other to pass the time," said Serame Mnisi.Harmony, the fifth largest gold producer in the world, bought Elandsrand from rival AngoGold in a R1bn deal in 2001 in which it also acquired the neighbouring Deelkraal mine.Since then, it has been busy deepening the sub-shafts in order to access what it has described as 6.9 million ounces of proven gold reserves.Second safety scareThe incident at Elandsrand is the second safety scare in the last fortnight. One person needed hospital treatment late last month after a fire broke out at St Helena mine, near the town of Welkom in the Free State.Patrice Motsepe, Harmony's chairperson, was present as workers were brought to the surface but would not be drawn on the cause of the accident."The focus is first to make sure that everyone is out safely and in good condition. Later, we will examine the circumstances that led to the accident."Bailey said the latest incident should serve as a wake-up call to the gold mining industry which is a major driver of the South African economy."The gold industry in general is very negligent on safety matters," he said."The lesson that must be drawn from this is that you cannot have a cage, with electric cables, run on a daily basis and not do daily safety checks." - AFP
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Brazen
Super Contributor
The stoicism and bravery of these guys is awe inspiring. Kms underground with no where to go and they sing! They do all this for low wages and there's very little upside for them in a rising gold price. Actually, who does make money from a rising gold price? The stoicism of gold shareholders is also inspiring. But they don't sing.
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kwagga
Super Contributor
Nice support on HAR share price this morning. Down over 4% and currently only 0.05%. I think Chartist is right. Time to stock up.
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Preston
Super Contributor
Mrs B. I am also starting to have an attack of morality. It is indeed sad that these guys that risk their live ,do not enjoy the perks that senior/top level managers enjoys. That is why i am exceptionally critical of "operational managers". Cos in my view that is the revenue generating activity and should be more highly compensated that a guy that sitting in the corner office.
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SimonPB
Valued Contributor
brazen, a good Q. Who does actually make money from the rising gold price. The only people are those who are long of gold ETF's, and ideally US$ based ETF's - but then you are long the US$ and that's not fun either. So maybe nobody does, except for sellers of newsletters telling you to buy gold? And there be the profit? A nice megafone bullish gold newsletter, issue one with headline some thing like "GOLD GOING TO US$10,000, WE REVEAL NEVER BEFORE SEEN SECRETS ON HOW TO BECOME A EURO BILLIONAIRE". small print would read - "buy platinum stocks (c john)"
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CHATTYCHAT
Super Contributor
I tend to agree with the moral issues raised. On the other hand, if the guys were above ground level they would have been unemployed. Which brings about the question: employed at a certain wage rate, or umemployed and under the bread line. The trick here is to strike a balance between what a reasonable wage is for hacking underground rock, as opposed to other job and expertee requirements. Core personnel (income generators) should earn more relative to their support counterparts. The imbalance in what seems reasonable to earn as low level employee, as jnr/middle/senior/top level manager is universal and is applicable to all business sectors. I believe miners are imbursed for their dangerous life. The guys that neglected the maintenance should however be stripped of their jobs and dumped in the gutter.
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Brazen
Super Contributor
LOL! Yup, Simone, guess it's only those with physical gold who make money. Problem with that scenario tho, is that they first have to dig their way outta the bunker. Then they gotta brave bird flu, CCTV and black helicopters.
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Preston
Super Contributor
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SimonPB
Valued Contributor
cc, how much does a miner earn?
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john_1
Super Contributor
Simon.. please tell me you bought them AMS.. I Gotta earn my dinner!
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Preston
Super Contributor
Simon, how much do you earn?.(LOL)
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SimonPB
Valued Contributor
nope, tis a process. But have decided to add it, now to put it into the system and wait for something to come out. Lotsa time, me being young an all.

anyways keeping the dinner credit for later use ...
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