Anglo American Says Platinum Output Falls After Strikes in SA

Bloomberg reported that mining company Anglo American Plc said its fourth quarter platinum production went down 29% because of the strikes in South Africa.

As quoted in the market news:

Pay strikes that began at South Africa’s platinum mines in August spread to gold, coal and iron-ore operations, with about 120,000 workers downing tools at the peak of the unrest, according to the Chamber of Mines. Anglo has announced plans to cut platinum volumes equal to almost 7 percent of world output and may fire as many as 14,000 workers to curb costs.

Click here to read the full Bloomberg report.