Ex-Old Nic Mine workers owed 15 months salaries
FORMER Old Nic Mine workers in Bulawayo’s Killarney suburb yesterday camped outside the company’s premises demanding their 15 months outstanding salaries.
Following a directive by Zesa to reduce its power consumption by 25 percent, the mine shut down last November leaving over 200 people jobless.
The workers whose grievances range from nonpayment of outstanding salaries to poor hygienic environment at the mine’s compound said they would not go anywhere unless they are paid their dues first.
They accused the company’s management of calling police on them instead of paying them their
ONE of our instalments under the title, ‘Stock market not an ideal investment’ elicited a number of responses from our readers, some agreeing with us others differing. Below we publish one of the responses from our readers, a resident analyst and stockbroker
While the article touched on a number of very critical and pertinent issues, I think it can be misleading. The stock market like any investment does carry its own unique risks, and benefits, which must be understood before undertaking the investment. A blanket ‘not ideal investment’ approach is incorrect, in my view. The writer touched on one aspect of the stock market; I would like to however agree with him on: Investing in the stock market has generally been kept as a preserve of the ‘learned’ among us. This has seen a number of myths and fallacies being peddled around resulting in incorrect decisions being reached and conclusions made. Investing in the stock market is not a preserve of the rich or the well-up, but anyone (retail or institutional) can do that as long as the process, risks, benefits, etc is explained clearly to them.
I will pick on a few points the writer dwelled on and explain a bit more;
You invest for share appreciation Capital appreciation is one of the main reasons why investors invest in shares. In simple terms, this is an increase in the value of an asset based on an increase in the underlying asset’s market price. An example is when you buy a share for a $1 and you sell it a higher price, say $1.50 later on. The changes in a company’s share price are affected by a number of macro and micro issues, chiefly the broader economic environment. As the article rightfully noted, for over two years now the Zimbabwe Stock Exchange has been on a downward spiral resulting in the two major indices being used to measure performance remaining in the red.
However, this does not mean that over the stated period no gains were recorded in the market. This is a measure of overall Zimbabwe Stock Exchange (ZSE) performance, not individual companies. There are companies, and a number of them actually that have registered positive returns over the period. The critical issue in equities investment is stock selection. The ZSE has over 65 actively traded counters which an investor outstanding salaries.
The workers told Business Chronicle that they were seeking an audience with the management not to be intimidated.
“There’s no point in calling police on us. We’re not violent but we want to talk to them (management) regarding our salaries,” shouted one of the employees.
The ex-employees said the company has remained mum about their outstanding salaries.
“We’re demanding our salaries that the company hasn’t paid since shutting down. The company was deducting 25 percent of our salaries before shutting claiming that it was part of the measures to ensure that the company stays afloat. But they closed the company so, we want our outstanding salaries together with the 25 percent that they were deducting,” said one of the former workers, Mr Admire Siatamuka.
The ex-workers who are still staying at the mine’s compound said they were fed up by the mine’s management for failing to address their concerns.
Another employee said schools were now sending debt collectors to them as they have failed to pay fees for their children.
“We don’t even know what to do. Schools will end up not accepting our kids due to non-payment of fees. We’re starving.
“We don’t have running water and electricity. It won’t be shocking to see us dying of cholera. This place is very unhygienic but where will we go?” said another employee.
A comment could not be obtained from Old Nic Mine management who ordered one of the security guards to bar a Business Chronicle crew from entering the company’s premises. — @nqotshili