Spot Palladium Up 2.3 Percent as Amplats Faces Strikes

The Wall Street Journal reported that palladium rose along with platinum on the back of news that about 5,600 workers at Anglo American Platinum Ltd.’s (OTC Pink:AGPPY) Rustenburg-based Thembelani and Khuseleka mines began a wildcat strike Sunday night.

As quoted in the market news:

Spot platinum was up recently 2.2% on Friday’s price at $1,352.20 a troy ounce and spot palladium had risen 2.3% to $696.30 an ounce.

Anglo Platinum said the workers were demanding the reinstatement of 19 Association of Mineworkers and Construction Union leaders who had been suspended following an illegal sit-in last month. The strike comes as the government, mining companies and some unions are seeking a new agreement to bring an end to the violence and work disruptions. AMCU has the majority now at a number of platinum mines and the tension between AMCU and former incumbent National Union of Mineworkers continues to cause strikes. A worker representative at the Anglo American Platinum mines said the employees will strike until their leaders are rehired.

Click here to read the full report from The Wall Street Journal.