Johan Theron News
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In 2008, James Ntseane borrowed 8,000 rand ($931) from African Bank Investments Ltd. to pay for his grandmother’s funeral in the South African village of Ganyesa. It seemed so easy the platinum miner took out two more loans, worth 10,000 rand, for a sofa and house extension over the following six months.
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Impala Platinum Holdings Ltd., the South African producer whose main Rustenburg mine was halted by a battle for control between labor unions, expects to say next week how many members each of the unions now has.
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Protesters blocked routes to Impala Platinum Holdings Ltd.’s Rustenburg operations in South Africa as miners tried to return to work following a four-week stoppage that cut global supplies by more than 100,000 ounces.
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Impala Platinum Holdings Ltd. said it will rehire 15,000 of 17,200 workers it dismissed after an illegal strike that has halted output at its Rustenburg mine, the world’s biggest producer of the metal, for almost a month.
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A clash between unions is threatening to spread across South Africa’s platinum-mining belt and disrupt production in a region accounting for three-quarters of world supplies of the precious metal.
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The National Union of Mineworkers asked its members at Impala Platinum Holdings Ltd.’s Rustenburg operations in South Africa to “defend themselves” after a worker was shot yesterday morning during conflict between two rival unions.
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Impala Platinum Holdings Ltd. may have to raise pay even as energy costs surge or face prolonging an almost four-week closure of the world’s biggest mine for the metal after selective wage increases triggered violent riots.
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Palladium fell to a six-week low and platinum declined in London on concern slower growth will cut demand and as a stronger dollar eroded the metals’ appeal as an alternative investment.
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