Talks between the three largest platinum producers and the South African union leading a strike will continue today after the companies increased their pay offer April 17 in a bid to break the three-month deadlock.
A labor dispute that all but shut platinum mines in South Africa since January is extending the longest shortfall in global production since 2005, which Morgan Stanley predicts will take at least four years to fix.
The 12-week strike that’s halted most South African mines of the three biggest platinum producers will continue as long as the companies refuse to improve offers, the leader of the union calling the stoppage said.
The National Union of Metalworkers, South Africa’s largest labor organization, said it’s accepting miners who have started to turn to it as a strike at the world’s biggest platinum mines drags on for an 11th week.
Doreen Joubert sits at her Mega Pawn shop and complains that a 10-week wage strike in the world’s biggest platinum-mining industry is crippling business in the South African city of Rustenburg. She’s taken up bead work to pass the time.
An auditor has alerted South Africa’s tax agency to alleged fraud at Goldrich Holdings (Pty) Ltd., a mine operator whose chairman is already being personally sued following the collapse of Aurora Empowerment Systems Ltd., a similar company.
Cyril Ramaphosa will take over management of the economy and implement a 20-year government plan after being appointed South Africa’s deputy president following May 7 elections, according to two people familiar with the plans of the ruling party.
Production losses at the world’s largest platinum companies caused by a seven-week strike today eclipsed those from stoppages in 2012 as talks over pay with the South African union leading the walkout remain deadlocked.
AngloGold Ashanti Ltd. stopped pumping water from a shaft neighboring one of its mines in South Africa because the operators failed to pay for the work, the world’s third-largest producer of the metal said.