The talks, which include Africa's top bullion producer AngloGold Ashanti, Sibanye Gold -4.14% and [DAT HAR:Harmony Gold], come at a time when the industry is grappling with depressed prices, falling production and rising costs.
The firms say high pay increases would lead to the decline of a struggling industry.
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By 0814 GMT, shares in AngloGold -5.23% had dropped 4.7 perc ent to 112.26 rand, Harmony lost 2 per cent to 16.57 rand and Sibanye Gold shed 3.9 per cent to 18.76 rand.
David Sipunzi, newly elected head of NUM, defended his unions wage demands in the ailing industry, saying miners were still being paid "apartheid wages."
The talks will not involve Gold Fields -4.03% because it has already signed an agreement with the unions. It's shares had fallen by 2.9 percent to 38.05 rand.
Gold eased from a near-four-week high on Monday, slipping below the $1,200 mark as possible signs of progress in Greek debt talks curbed safe-haven bids for the metal.
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