Share

Bonus strike hits Aquarius

Johannesburg - The Marikana platinum mine in South Africa is losing about 500 ounces in production a day due to an illegal strike by workers over bonus payments, Aquarius Platinum said on Wednesday.

Underground workers contracted to the mine downed tools on December 16, and all 1 300 were dismissed by employer Murray & Roberts Cementation following discussions with the National Union of Mineworkers and notice to return to work, the Bermuda-registered company said.

Aquarius, which is listed on the Australian, London and Johannesburg stock exchanges, said it expects to lose about 250 attributable platinum group metals ounces in daily output due to the strike.

Marikana, located about 8km from Aquarius' flagship Kroondal operation on the western limb of South Africa's platinum-rich Bushveld Complex, is a pool and share venture with Anglo Platinum. The mine is targeting annual production of 250 000 PGM ounces, with a life of mine to 2024, Aquarius said on its website.

Marikana's opencast and Kroondal operations haven't been affected, Aquarius said. Kroondal is also operated in a venture with Angloplat, the world's largest platinum producer.

Angloplat in mid-November cut its 2007 production target to between 2.45 million and 2.5 million ounces of refined platinum from as much as 2.65 million forecast in July to take into account mine closures due to accidents and strikes.

- Dow Jones

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.08
-0.9%
Rand - Pound
24.03
-0.6%
Rand - Euro
20.57
-0.5%
Rand - Aus dollar
12.38
-0.2%
Rand - Yen
0.13
-0.9%
Platinum
890.97
-0.7%
Palladium
988.99
-1.3%
Gold
2,195.56
+0.0%
Silver
24.43
-0.9%
Brent Crude
86.09
-0.2%
Top 40
67,885
+0.3%
All Share
74,077
+0.2%
Resource 10
56,208
+1.0%
Industrial 25
103,636
+0.4%
Financial 15
16,471
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders