Bloomberg reported that according to Simon Hudson-Peacock, a fund manager at Momentum Asset Management (Pty) Ltd., Anglo American Platinum Ltd. (OTCMKTS:AGPPY) will be able to supply its customers longer than Lonmin plc (LSE:LMI) and Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY).
All three are currently facing strikes at their South African operations.
As quoted in the market news:
Amplats, as the company is known, advanced 5.3 percent to 475.79 rand by the close, the highest since Feb. 11, 2013. The volume of shares traded was more than double the daily average for the past 90 days. Amplats has climbed 17 percent since the Association of Mineworkers and Construction Union, the largest among its workers, said Jan. 20 it would go on strike.
The company had the equivalent of 400,000 ounces of unrefined platinum, Chief Executive Officer Chris Griffith said Feb. 3. It is losing about 4,000 ounces of daily production, Amplats said March 5. The strike is disrupting mines that contributed 46 percent of the company’s production in 2013.