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Feb 4, 2014

Higher stocks give Lonmin breathing space during strike -CEO

CAPE TOWN, Feb 4 (Reuters) – Higher stocks than usual are
helping South African platinum producer Lonmin to cope
with mining strikes that are paralising its production, its
chief executive said on Tuesday.

The world’s No. 3 platinum producer is losing about 3,100
ounces of refined output a day due to a strike over wages, which
started almost two weeks ago and has also hit bigger rivals
Anglo American Platinum and Impala Platinum.

Feb 4, 2014

Somaliland blessed by dodging aid “curse” – minister

CAPE TOWN, Feb 4 (Reuters) – The breakaway territory of
Somaliland cannot access foreign aid because it has not yet been
recognised internationally as a state, and that suits it just
fine.

“That is a blessing in disguise. Aid never developed
anything,” Hussein Abdi Dualeh, Somaliland’s minister of energy
and minerals, told Reuters on the sidelines of an African mining
conference.

Jan 30, 2014

Potatoes for a week: a South African platinum miner on strike

MERITING, South Africa, Jan 30 (Reuters) – South African
miner Venter Mulutsi has one food item in his small fridge: a
bag of potatoes that he hopes will last a week.

Beyond that, the Impala Platinum miner who has been
on strike for a week with around 100,000 of his comrades from
the Association of Mineworkers and Construction Union (AMCU),
has a bag of maize meal and a loaf of bread.

Jan 30, 2014

S.Africa platinum union rebuffs pay offer, rand falls again

RUSTENBURG, South Africa, Jan 30 (Reuters) – South Africa’s
AMCU union rejected a 9 percent wage offer on Thursday from
leading platinum producers, prolonging a week of industrial
action that has combined with a severe emerging market sell-off
to push the rand to five-year lows.

The strike has hit around 40 percent of the global supply of
platinum, used in catalytic converters in cars, and magnified
concerns about the trade deficit in Africa’s largest economy due
to its impact on a big source of foreign exchange.

Jan 24, 2014

Striking South African miners meet with platinum firms

RUSTENBURG, South Africa (Reuters) – South Africa’s main platinum miners union opened government-brokered talks with the world’s top three platinum companies on Friday to end a wage strike that started to turn violent on its second day.

Union leaders representing as many as 100,000 miners who walked off work on Thursday sat down with officials of the three firms that produce more than half the world’s platinum, a metal used in catalytic converters in cars.

Jan 24, 2014

Striking South African miners open talks with platinum firms

RUSTENBURG, South Africa (Reuters) – South Africa’s main platinum union started government-brokered talks with the world’s top three platinum companies on Friday to end a wage strike that risked turning violent.

As many as 100,000 members of the Association of Mineworkers and Construction Union (AMCU) walked out at Anglo American Platinum, Impala Platinum and Lonmin on Thursday, hitting more than half of world platinum production.

Jan 23, 2014

South African strike hits world’s top platinum producers

RUSTENBURG, South Africa (Reuters) – South Africa’s hardline Association of Mineworkers and Construction Union (AMCU) began a strike over pay in the platinum sector on Thursday, bringing mines that produce half the world’s platinum to a standstill.

Members of AMCU, the platinum sector’s main union, downed tools at Anglo American Platinum (AMSJ.J: Quote, Profile, Research, Stock Buzz), Impala Platinum (IMPJ.J: Quote, Profile, Research, Stock Buzz) and Lonmin (LMI.L: Quote, Profile, Research, Stock Buzz), the top three producers of the metal used in emissions-capping catalytic converters in cars.

Jan 23, 2014

World’s top platinum producers to be hit by South African strike

RUSTENBURG, South Africa, Jan 23 (Reuters) – Half of world
platinum production is set to grind to a halt on Thursday as
South Africa’s hardline Association of Mineworkers and
Construction Union (AMCU) vowed to press ahead with a strike
over pay under the battle cry of a “living wage”.

AMCU, the platinum industry’s main trade union, plans to
strike from Thursday at Implats, Anglo American Platinum
and Lonmin, the top three producers of the
metal used in emissions-capping catalytic converters in cars.

Jan 22, 2014

South Africa’s Implats shuts mines ahead of platinum strike

JOHANNESBURG (Reuters) – South Africa’s Impala Platinum (IMPJ.J: Quote, Profile, Research, Stock Buzz) shut its Rustenburg operations on Wednesday a day before a planned strike over wages across the country’s platinum belt by the hardline Association of Mineworkers and Construction union (AMCU).

AMCU, the platinum industry’s main trade union, plans to strike from Thursday at Implats, Anglo American Platinum (AMSJ.J: Quote, Profile, Research, Stock Buzz) and Lonmin (LMI.L: Quote, Profile, Research, Stock Buzz), the top three producers of the metal used in emissions-capping catalytic converters in cars.

Jan 22, 2014

Amplats says back in profit, but South Africa strikes loom

JOHANNESBURG, Jan 22 (Reuters) – Anglo American Platinum
(Amplats) swung back into profit in 2013 as it
rebounded from a wave of wildcat strikes but its recovery is
threatened by looming strikes across South Africa’s platinum
belt.

Maintaining profit margins will be tough if the hardline
Association of Mineworkers and Construction Union (AMCU) goes
ahead with its planned industrial action on Thursday at Amplats
and rivals Impala Platinum and Lonmin.

    • About Ed

      "I cover commodities in southerrn Africa, a region that I have returned to after spending over four years covering religion, politics and the Great Recession in America. I am a Canadian citizen and grew up in Nova Scotia."
      Hometown:
      Johannesburg
      Joined Reuters:
      1995
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