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Be the first with the news that moves the market- Kinross Gold (TSX:K) employees are striking at the company’s Tasiast mine in Mauritania
- The company did not outline how many staff were striking, or if it expects any operational impacts during the strike
- Kinross stated that it remains open to talks with the strike’s delegates
- The company expressed disappointment in the outcome, and called the strike an opportunistic move during the ongoing COVID-19 pandemic
- Kinross Gold (K) is down 1.76 per cent, with shares trading for C$9.49 and a market cap of $11.91 billion
Kinross Gold (TSX:K) employees are striking at the company’s Tasiast mine in Mauritania.
Delegates from the unionised staff notified the company about the strike action beforehand.
In its release today, Kinross did not outline how many staff were striking. It also left it unclear what, if any, operational impacts it expects during the strike period.
This latest action comes after the company finalised a new labour agreement last November, by negotiating with organised workers onsite.
Kinross stated its disappointment in the outcome, and claims the strike is an opportunistic move during the ongoing COVID-19 pandemic.
Furthermore, the company claims to have complied with all lockdown measures in the region and remains focused on its employees’ health.
This is the fourth strike at the site, since the company began operating it in 2010. Kinross acquired the Tasiast mine in a C$7 billion takeover of Red Back Mining in the same year.
The company remains open to talks with the staff’s delegates, but disagrees with the basis of the strike.
Kinross did not outline the terms of the actions, and the aims of the striking staff remain unclear.
The company did point out, however, that the average length of the previous strikes was only nine days. So far, no strike has had material impact on the company’s financials.
As a senior gold mining company, Kinross operates mines in the United States, Brazil, Chile, Ghana, Russia, and Mauritania.
This news comes after a very strong April for the company’s stock. Since the beginning of last month, the company’s market share has risen more than 50 per cent.
Kinross Gold (K) is down 1.76 per cent, with shares trading for $9.49 at 11:12am EDT.
