[miningmx.com] — STANDARD & Poor said on Friday it was too soon to assess whether South African miners would be significantly hurt by silicosis claims, and that its rating of miners would be unaffected for now.
S&P’s comments came after the Constitutional Court in March said the now deceased Thembekile Mankayi, a former employee of AngloGold Ashanti, was able to claim reparation for ill-health through common law rights in addition to industry specific legislation. He claimed R2.6m from AngloGold.
“There is no immediate effect on. ratings on South African mining companies following a recent court ruling to allow a compensation claim by a silicosis sufferer against AngloGold Ashanti,’ read an S&P statement.
“We believe that it is too soon to assess South African mining companies’ exposure to similar claims.’
Following Mankayi’s successful appeal, the case is expected to proceed to the High Court, where the claimant would first have to prove AngloGold Ashanti’s negligence and then directly link the negligence to his sickness, and justify the level of damages.
According to the National Union of Mineworkers, between 2003 and 2009 almost 5,400 miners died from respiratory illnesses, including silicosis.
“We believe that it will be at least mid-2012 before we know the ultimate outcome of the AngloGold Ashanti court decision and that of a possible additional, unrelated ruling against Anglo American.
“At such a time, we will have more clarity on any potential industry-wide exposure.’
