Northam Platinum Ltd. and the union leading a strike at the South African operator of the world’s deepest mine for the metal failed to agree over wages at their latest meeting, extending a month-long disruption.
The largest union at Northam Platinum Ltd., owner of the deepest mine for the metal, said it would would meet management for talks as revenue losses in an almost four-week pay strike near 400 million rand ($39 million).
Northam Platinum Ltd., owner of the world’s deepest mine for the metal, may be forced to cut jobs after losing more than 200 million rand ($20 million) during a three-week strike over pay, it said in a letter to workers.
The outcome of a wage dispute at Northam Platinum Ltd., where a South African strike is in its third week, will set a precedent for the industry’s largest producers, Investec Plc and Stanlib Asset Management said.
Gold futures fell the most in a week as a global equity rally cut demand for precious metals as alternative investments. Silver slumped to a three-month low, and palladium capped the biggest drop in six weeks.
The largest union at Anglo American Platinum Ltd.’s South African mines got permission to strike after a mediator failed to resolve a wage deadlock between the labor group and the world’s biggest producer of the metal.
The largest labor union at Impala Platinum Holdings Ltd. cut its wage-increase demand by 31 percent as the parties worked toward avoiding a possible strike, the world’s second-largest producer of the metal said.
AngloGold Ashanti Ltd.’s debt deserves to be promoted from junk at Standard & Poor’s after the company cut costs, boosted production and settled a strike, Chief Executive Officer Srinivasan Venkatakrishnan said.