Will this affect white metal prices ? a 22% increase in wages must play a role in future production http://edition.cnn.com/2012/09/18/world/africa/south-africa-mine-strike/index.html
Shame it took the lives of 30+ people just to get a payrise. The bosses should of met with them in the first place, or organised a civil meeting of sorts between employees, union bosses and employers rather then calling police, who at times can increase the tempers and chance of violent outbreaks, like in this case... all because they didnt want to hear the voices of the people. Will it increase physical plat metals prices?? im thinking probably not, or only for a short time using the payrise as an excuse...
The whole thing is rediculous. It is time SA mechanizes its mines. The concept of employing large numbers of labourers is political. Stop playing politics and this crap would not happen. Governments should stop interfering in industry. Take notice Australia.
Hi SilverSanchez -I agree but i thought Pt production was 5 mill oz not 11? http://www.tradertech.com/information/platinumtrading.asp Either way as 80% is mined in SA, this is going to impact mine profits and production.
I may have spoke too early ? South African Violence Returns As All Miners Demand Pay Hike zerohedge.com / By Tyler Durden / September 19, 2012 Rumors about the death of the South African miner strike seem to have been greatly exaggerated following the agreement by Lonmin to hike miner pay by 22%. The reason: the precedent has now been setand everyone else demands equitable treatment: i.e., the same pay hike as Lonmin agreed to.From Al Jazeera: "South African police have fired tear gas and rubber bullets to disperse protesters near a mine run by the world's biggest platinum producer Anglo American Platinum, as unrest spreads after strikers at rival Lonmin won big pay rises.Within hours of Lonmin agreeing pay rises of up to 22 per cent, workers at nearby mines called for similar pay increases on Wednesday,spelling more trouble after six weeks of industrial action that claimed more than 40 lives and rocked South Africa's economy." For those curious what it means when the precedent has been set and one corporation has caved on the issue of pay here it is: "Police clashed with a crowd of men carryingtraditional weapons such as spears and machetesin a township at a nearby Anglo American Platinum (Amplats) mine outside the city of Rustenburg. Officers fired tear gas, stun grenades and rubber bullets to disperse an "illegal gathering", police spokesman Dennis Adriao said. He had no information on any injuries." So much for the strikes being over: thanks to Lonmin's caving, they have only just started.
On the lighter side of things..... Whites overjoyed to discover they all own mines; White South Africans have reacted with amazement and joy to Julius Malema's revelation last week that they are all super-rich mine owners. "We thought we were just over-indebted, over-taxed middle-class wage slaves, but it turns out we're all millionaire tycoons!" said one delighted white person. "Screw this soul-crushing desk job: I'm off to claim my mine!" Malema, former President of the ANC Youth League and current President of the League Of Opportunistic Political Parasites, has been vocal in his claims that the country's mines are still owned by "boere", and that all whites are fabulously wealthy, mostly thanks to the mining industry. This morning the country's white citizens were resigning en masse from office jobs, schools, small businesses and middle-management posts, as news spread about their previously unknown wealth. ... "I'm so grateful to Julius," gushed Barry Beige. "If he hadn't done the research, crunched the numbers over who owns what, I would never have discovered that I am in fact a super-rich capitalist and not a junior web designer with 20 days of leave per year." However, farmer Kosie Kunsmis said he was confused. "Julius said that 'boere' own all the mines. Does he mean farmers or white people, because I know fokkol about mining. Malema's revelations have also unsettled South Africa 's black mine owners, with many now wondering whether they are in fact white. "Julius has been pretty clear that black people don't own mines," said platinum magnate, Nouveau Riche-Romotswe, adding that she has been checking herself daily for signs of whiteness, such as a love of dogs and cats, and a deeply rooted belief that everything was about to go to shit. "It's really confusing because I've always had a soft spot for pets, and since Zuma came to power I've believed that everything is about to go to shit, so does that mean I've been a closet white all along? I just don't know any more." Meanwhile, South Africa's small group of whites who were super-rich before Malema's revelations are set to lodge a complaint against him for turning the spotlight on their wealth. "The blighter has gone completely off the script," explained someone who is too rich to have a name. "The way it's supposed to go is that we pay the politicians to keep us invisible, the politicians keep the workers uneducated so they're easily manipulated, and then we wait until they're so poor that they'll work 16 hours a day for a potato. "But all this talk of our money, well, it's just not cricket." http://www.hayibo.com/whites-overjoyed-to-discover-they-all-own-mines/ Hayibo
Not so fast. The strike is back on. http://www.zerohedge.com/news/south-african-violence-returns-all-miners-now-demand-pay-hike
