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Amplats already lost R1.1bn due to strike

Oct 12 2012 22:10
Rand notes

(Picture: Shutterstock )

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Rustenburg - A strike at Anglo American Platinum (Amplats) has cost the company R1.1bn in revenue, it said on Friday.

"Anglo American Platinum confirms that as a result of the illegal industrial action of its employees and the initial safety suspension, total lost platinum production has amounted to 67 000 ounces, resulting in approximately R1.1bn of lost revenue.

"The average loss of platinum production is 3 800 ounces per day," the company said in a statement.

It said the ongoing strike would adversely affect its obligations to deliver chrome ore, and as a result force majeure notices had been issued to its chrome customers.

"The company’s ability to deliver platinum group metals [PGMs] and base metals, however, remains unaffected at this stage."

CEO Chris Griffith said the company was considering bringing forward wage negotiations.

"We are calling for calm in those areas affected and continue to work closely with our tripartite partners - government and the recognised labour unions - to help restore law and order to the affected areas.

"Our commitment to the platinum centralised engagement structures, driven by the Chamber of Mines, has not changed and, as we have mentioned, we are considering the possibility of bringing forward wage negotiations that are within our current arrangements."

amplats  |  mahikeng  |  mining unrest
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