Fin24

Amplats already lost R1.1bn due to strike

2012-10-12 22:10

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."

Comments
  • lacrimose.wolf - 2012-10-12 22:32

    Trade unions could lose 200 000 jobs in the mining sector over the coming decade (Adcorp). Anybody in the employee/union/govt bodies comprehending the enormity of poverty this will bring?

  • Brian Dorning - 2012-10-13 06:40

    If they agreed to the ridiculous salaries they would have to fork out an additional R2.2 billion a month. So this loss in revenue is nothing, they can sit it out for another 5 weeks. Then lets see how hungry the miners will be

      arthur.salvado - 2012-10-14 08:04

      The implications of sitting it out for 5 weeks are wide spread and does not only affect the relevant mine. All other industries serving the mining industry will suffer accordingly. Let's solve the problem please.

  • nyiko.ngobeni.5011 - 2012-10-13 08:24

    That's the point about a strike, to cause the employer loss of revenue. Doesn't Anglo get this?

      lacrimose.wolf - 2012-10-13 11:39

      And the point the strikers are missing is that our country earns revenue on mining exports. So next year when there's even less money for infrastructure, grants, edu, health care, know that the strikers brought even more misery to the entire country

  • Ayanda - 2012-10-13 12:31

    Who cares how much amplats lost?

      whatda.fuqbro - 2012-10-13 17:50

      Shareholders care. More importantly informed and educated stakeholders in general care - that includes every individual and organisation in this country who know how much the economy as a whole depends on exports.

      Pierre-Jean de Villiers - 2012-10-23 11:48

      Don't the people get it the mine will eventually close,and then the workers will be without jobs,most of the rock drill operators has only grade 7 at school ,where will they earn R 4500 with that kind of education not even Spar will take them,most of them can't even speak english , they came straight out of the rural areas, they are going to commit a lot of crimes being jobless . Now they want to blame the mine,who else would have given them jobs?What about our poor conditions on the roads that kills thousands yearly,who takes responsibility for that, every one wants a short cut to the platinum or golden goose,don't see the bigger picture, the goose is about to die.... you dumb bastards!

  • nyiko.ngobeni.5011 - 2012-10-13 14:56

    Maybe another question to ask is how much money have the workers lost all theses years from being robbed by amplats?

  • mawethu.ngcaluza - 2012-10-13 20:43

    Lost R1 billion in less than a month, yho those mines r makng a lot of money nhe.

  • Michael Kleber - 2012-10-14 07:10

    Businesses are there to make money , they are not charities , investors wont invest if they going to lose money . Simply put would you put your money in a bank that paid out less than you put in ?

  • maureen.churchill.9 - 2012-10-14 08:47

    If you had given the miners a living wage and avoided the strike how much would you have lost to-date certainly not R1.1bn. Knowing that eventually you have to come to a compromise how much better would the lives of the miners be. They could also improve their living standards.

  • mahwiting.joseph - 2012-10-15 12:03

    They have lost 1.1bn in what? Two weeks? But stil they can't afford to pay miners R16000 a month?

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