AllAfrica reported that 83 percent of workers striking at Lonmin plc's (LSE:LMI) South Africa-based Marikana mine went back to work on Wednesday night. They had been ordered back to work earlier in the day by the president of the Association of Mine Workers and Construction Union.
Reuters reported that a wildcat strike at Lonmin plc's (LSE:LMI) South Africa-based Marikana mine has now been going on for two days. Moody's analysts have said that more violence could result in a credit downgrade for the country.
Bloomberg reported that last year, platinum saw a shortage of 375,000 ounces, the biggest since 2002, largely due to strikes and work stoppages in South Africa, as per information in a report released today by Johnson Matthey.
Anglo American Platinum Ltd. (OTC Pink:AGPPY) announced that its revised platinum business proposal involves cutting about 6,000 mining and processing jobs in South Africa, less than half of the 14,000 it originally suggested. The company's aim is to remain competitive and profitable without upsetting the South African government and unions in the country.
NASDAQ reported that South African supply problems are making it likely that platinum will see a strong price increase in the coming weeks; that means it may be a good time to invest in platinum ETFs.
CNBC reported that platinum prices could move higher if Anglo American Platinum Ltd.'s (OTC Pink:AGPPY) talks with the South African government and unions in the country result in a substantial restructuring of the nation's platinum sector. Such restructuring could involve cutting as many as 14,000 jobs and mothballing two South African mines.
In an interview with Platinum Investing News, Prophecy Platinum's Greg Johnson shares his insights on the platinum market, the company's Wellgreen project and common misconceptions about the sector.
Bloomberg reported that Northam Platinum Ltd shares dropped 6.7%, the most in nearly 7 months, after giving its rock drillers until tomorrow to report for duty or face dismissal.
Reuters reported that Anglo American Platinum (Amplats) announced that it will acquire two mining assets and provide capital to Atlatsa Resources as part of the $380 million restructuring plan.
Rule explains why investing in PGMs may be better than silver or gold in the near term.
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