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Johannesburg - Northam Platinum [JSE:NHM] has lost R46.2m in revenue because of an underground sit-in by rock drill operators at its Zondereinde mine in Limpopo, the miner said on Friday.
Production at Zondereinde Mine has been interrupted since Tuesday April 2‚ leading to a loss of 120kg of metal‚ the company said in a statement.
“An estimated 120kg or 3 900 ounces of metal in concentrate (3PGM+Au) production has been lost‚ translating into revenue losses of about R46.2m‚” the statement read.
The miner said Zondereinde’s rock drill operators were refusing to drill while underground.
Rock drill operators are demanding a 38% increase, reported Miningmx.
The agency qouted an anonymous company source who said that the strikers want "an extra R1 per hole blasted which is equal to a 38% increase over the current arrangement".
"Zondereinde’s management team has constituted a consultative forum and is engaging with employee representatives in an attempt to resume operations as soon as possible‚” the company said.
Shares of Northam traded down 6.47% at R34.98, just before market close.
Northam, which is one of the country's smaller platinum producers, managed to escape last year's violent labour unrest unscathed.
- Fin24
Production at Zondereinde Mine has been interrupted since Tuesday April 2‚ leading to a loss of 120kg of metal‚ the company said in a statement.
“An estimated 120kg or 3 900 ounces of metal in concentrate (3PGM+Au) production has been lost‚ translating into revenue losses of about R46.2m‚” the statement read.
The miner said Zondereinde’s rock drill operators were refusing to drill while underground.
Rock drill operators are demanding a 38% increase, reported Miningmx.
The agency qouted an anonymous company source who said that the strikers want "an extra R1 per hole blasted which is equal to a 38% increase over the current arrangement".
"Zondereinde’s management team has constituted a consultative forum and is engaging with employee representatives in an attempt to resume operations as soon as possible‚” the company said.
Shares of Northam traded down 6.47% at R34.98, just before market close.
Northam, which is one of the country's smaller platinum producers, managed to escape last year's violent labour unrest unscathed.
- Fin24
