Share

Platinum strike costs R100m per day

Pretoria - Talks between platinum producers and Association of Mineworkers and Construction Union (Amcu), aimed at resolving the costly strike in the sector, resumed in Pretoria on Tuesday.

Amcu national treasurer Jimmy Gama arrived for the talks on Tuesday morning.

He said any offer that came out of the talks would have to be conveyed to their members before a decision on ending the strike could be taken.

Amcu workers went on strike at Impala Platinum [JSE:IMP], Lonmin [JSE:LON] and Anglo American Platinum [JSE:AMS] mines on Thursday. The union is demanding R12 500 per month for entry-level workers, but the platinum companies have said this was not affordable.

The Commission for Conciliation, Mediation and Arbitration (CCMA) is acting as a mediator in the talks.

On Friday, before the talks began, Lonmin CEO Ben Magara said in an SAFM interview platinum producers had offered between 8% and 8½%.

Lonmin had been negotiating with the union since October.

Amplats CEO Chris Griffith, Implats CEO Terence Goodlace and Magara had said a prolonged strike would probably further damage South Africa's reputation as an attractive business and investment destination.

It was unclear whether the chief executives of the platinum producers were at the talks on Tuesday.

In a statement issued after the first round of talks with the CCMA on Friday afternoon, Amplats spokesperson Mpumi Sithole said the strike was causing lost platinum production of about 4 000 ounces per day at the affected mines.

This equated to around R100m lost revenue per day at market prices.


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.15
-0.7%
Rand - Pound
23.82
-0.6%
Rand - Euro
20.39
-0.5%
Rand - Aus dollar
12.30
-0.5%
Rand - Yen
0.12
-0.6%
Platinum
950.40
-0.3%
Palladium
1,028.50
-0.6%
Gold
2,378.37
+0.7%
Silver
28.25
+0.1%
Brent Crude
87.29
-3.1%
Top 40
67,190
+0.4%
All Share
73,271
+0.4%
Resource 10
63,297
-0.1%
Industrial 25
98,419
+0.6%
Financial 15
15,480
+0.6%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders