• Matchmaker businesses

    Multisided platforms can create huge value for society and fortunes for entrepreneurs, says Ian Mann.

  • Future imperfect

    A lack of compassion with ordinary people is crucial to SA’s failures, says Mandi Smallhorne.

  • Will Gordhan be fired?

    An economist ponders the top question concerning those who control international capital flows.

All data is delayed
See More

SA's mining unrest spreads

Aug 22 2012 12:21

Company Data


Last traded 334
Change 12
% Change 4
Cumulative volume 37936
Market cap 0

Last Updated: 25-10-2016 at 09:42. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Lonmin 'bears heavy burden' - foundation

Mining companies urged to share riches

Marikana events 'shamed all'

Mine dismissals may reignite violence

Platinum eases from 2-month high

More miners seeking wage hikes


Rustenburg - Labour unrest in South Africa’s platinum belt spread on Wednesday, raising concerns that anger over low wages and poor living conditions could generate fresh violence after 34 striking miners were shot dead by police last week.

The strike that started last week at Lonmin’s Marikana mine has pushed up platinum prices and stoked worries about investing in Africa’s biggest economy, where chronic unemployment and massive income disparity threaten social stability.

The world’s top platinum producer, Anglo Platinum [JSE:AMS], said on Wednesday it had received a demand for a pay increase from its South African workers, while a trade union said miners at Royal Bafokeng Platinum’s Rasimone site were blocked from reporting to work by colleagues.

The price of platinum leapt to its highest since early May on Wednesday, driven by concern about supply from South Africa, which holds 80% of the known reserves of the metal, which is used in jewellery and for catalytic converters in cars.  

Spot platinum rose by as much as 1.5% to touch $1 524.49 an ounce, trading at $1 521.75 by 08:41 GMT.

The labour troubles were touched off by a violent turf war between labour unions at the Marikana mine.

Ten people had been killed last week before police opened fire on striking miners on Thursday, shooting dead another 34 in the worst such bloodshed since the end of apartheid white rule in 1994. President Jacob Zuma has ordered an inquiry.

“Over the past couple of years, South Africa has witnessed a number of extremely violent strikes and protests partly due to worsening poverty, increasing social inequality, low wages, and poor social service delivery,” US-based Human Rights Watch said in a statement on Wednesday.

It urged the government inquiry to address the underlying social and economic issues fuelling the unrest.

Workers have trickled back to Lonmin’s Marikana mine this week, but most have stayed away for fear of being caught in the conflict between the long-established National Union of Mineworkers (Num) and the militant breakaway Association of Mineworkers and Construction Union (Amcu).

Zuma, who has appointed a panel to investigate the violence, has tried to reassure investors their money is safe while appealing to all sides to end the violence.

Zuma’s political foes have been piling pressure on the president. They accuse him and the ANC, which has placed several former Num members in senior government positions, of adopting poor policing policies and of not caring enough about workers labouring deep underground.

* Follow Fin24 on Facebook, Twitter and Google+.



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote