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Cape Town - SA Reserve Bank governor Gill Marcus warned on Tuesday that export figures will be affected if the almost five-month-old platinum mining sector strike continues.
Marcus said the strike had already impacted negatively on economic growth but had not yet shown an effect on export data because mining houses had significant platinum inventories.
"However, these inventories are being depleted and the longer the strike continues, the sooner the adverse effects on exports will be felt," she told a business breakfast in Johannesburg.
Marcus said she believed a recession was unlikely but urged all sectors, including labour, to work together to rebuild confidence in the economy and boost growth from a "low positive number".
"It behoves all of us - government, business, and labour - to rebuild the confidence and trust that is an imperative to change the negative trajectory that the economy is presently on."
She reiterated that the main downside risks to the economy were the strike and electricity supply constraints, and pointed out that the stoppage accounted for 19 percentage points of the total mining sector contraction of 25% in the first quarter.
"Even if a settlement were achieved today and workers returned to work soon thereafter, it would take weeks for normal operations to resume. It is also possible that a number of shafts will never re-open," Marcus said.
Members of the Association of Mineworkers and Construction Union (Amcu) downed tools at Anglo American Platinum [JSE:AMS], Impala Platinum [JSE:IMP] and Lonmin [JSE:LON]. on January 23, demanding a basic monthly salary of R12 500.
Mineral Resources Minister Ngoako Ramatlhodi set up an inter-governmental task team to assist platinum producers and Amcu resolve the impasse, but it was unsuccessful.
So far, the industry has lost R21.8bn in earnings, while employees have forfeited wages of around R9.7bn according to a website set up by the companies, www.platinumwagenegotiations.co.za.
