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New Mining Minister Vows to End South African Strike
May. 28, 2014 02:45PM PST
Precious Metals InvestingThe Wall Street Journal reported that South Africa’s new mining minister, Ngoako Ramatlhodi, has indicated that he will accelerate transformation of the mining industry in that company and end a protracted PGM mine strike in the region. Major PGM miners Anglo American Platinum (LSE:AAL), Impala Platinum (JSE:IMP) and Lonmin (LSE:LMI) have been locked in a wage dispute with the Association of Mineworkers and Construction Union since the start of this year.
The Wall Street Journal reported that South Africa’s new mining minister, Ngoako Ramatlhodi, has indicated that he will accelerate transformation of the mining industry in that company and end a protracted PGM mine strike in the region. Major PGM miners Anglo American Platinum (LSE:AAL), Impala Platinum (JSE:IMP) and Lonmin (LSE:LMI) have been locked in a wage dispute with the Association of Mineworkers and Construction Union since the start of this year. The strike has also seen instances of violence in recent weeks.
As quoted in the publication:
The minister said he is now intervening and met with AMCU’s leader on Tuesday and with the company chief executives on Wednesday. He said his department would launch a task force to try to bring about a negotiated end to the strike, and that all parties would meet on Thursday with the mining ministry and finance department. The former mining minister and the deputy president of the country tried similar interventions with limited success, but the companies hope a fresh face will have more luck.