Bloomberg reported South Africa has lost $1.15 billion due to platinum mining strikes, according to the National Treasury.
As quoted in the market news:
Violent labor unrest in the mining industry intensified this year, starting in January with a stoppage by workers at Impala Platinum Holdings Ltd. (IMP), the world’s second-largest platinum producer, that left four people dead. At least 46 people died during an illegal six-week strike that began Aug. 10 at Lonmin Plc (LMI)’s Marikana platinum mine, 34 of them killed by police as they tried to disperse protesters. Labor stoppages have shut shafts owned by AngloGold Ashanti Ltd. (ANG) and Gold Fields Ltd. (GFI), prompting the companies to start processes to fire more than 20,000 workers.