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Cape Town - It is important to distinguish between headlines and trend lines, according to economist JP Landman.
He was the guest speaker at a meeting of the Adele Searll 100 Club.
"The platinum strike, for instance, is the culmination of trends building up over 130 years," said Landman.
"Five years from today platinum mining in SA won't look the same as now. Management in the platinum mining industry will look vastly different."
In Landman's view he has never seen a strike as incompetently handled as the platinum strike. Yet, he foresees what he calls "the forces of efficiency and modernity will take over".
He pointed out that for the past 67 years the per capita income in SA has increased on average by 1.2% per year.
"This process will continue despite the platinum strike," he said.
The world's biggest platinum producers - Impala Platinum (Implats) [JSE:IMP], Anglo American Platinum [JSE:AMS] and Lonmin [JSE:LON] - said on Thursday they had reached a wage agreement "in principle".
The Association of Mineworkers and Construction Union (Amcu) took an offer to striking members, who are expected to accept the deal, which will end the crippling strike that has dragged the economy down.
Landman said an economic slowdown should not be confused with stagnation or even decline.
"A year ago SA had already employed more people than before the high point of the economic crisis," he said.
"In SA we have an open society, which is more than just having the right to elect whom you want. It also means that you can make U-turns if something does not work out."
- Fin24
He was the guest speaker at a meeting of the Adele Searll 100 Club.
"The platinum strike, for instance, is the culmination of trends building up over 130 years," said Landman.
"Five years from today platinum mining in SA won't look the same as now. Management in the platinum mining industry will look vastly different."
In Landman's view he has never seen a strike as incompetently handled as the platinum strike. Yet, he foresees what he calls "the forces of efficiency and modernity will take over".
He pointed out that for the past 67 years the per capita income in SA has increased on average by 1.2% per year.
"This process will continue despite the platinum strike," he said.
The world's biggest platinum producers - Impala Platinum (Implats) [JSE:IMP], Anglo American Platinum [JSE:AMS] and Lonmin [JSE:LON] - said on Thursday they had reached a wage agreement "in principle".
The Association of Mineworkers and Construction Union (Amcu) took an offer to striking members, who are expected to accept the deal, which will end the crippling strike that has dragged the economy down.
Landman said an economic slowdown should not be confused with stagnation or even decline.
"A year ago SA had already employed more people than before the high point of the economic crisis," he said.
"In SA we have an open society, which is more than just having the right to elect whom you want. It also means that you can make U-turns if something does not work out."
- Fin24
