AMCU Members Vote to Strike at Implats Mine

Bloomberg reported that members of the Association of Mineworkers and Construction Workers (AMCU) have voted to go on strike at Impala Platinum Holdings Ltd.’s (OTCMKTS:IMPUY) biggest mine. Implats has not yet received a strike notice.

As quoted in the market news:

Workers made the decision at a union meeting yesterday near Rustenburg in North West province, AMCU Treasurer Jimmy Gama said by phone. The timing of a strike isn’t decided, he said. Impala accounts for about 25 percent of global platinum supply.

The AMCU is demanding basic monthly wages for underground workers of 12,500 rand ($1,275) from the three largest South African platinum producers, where it has usurped the National Union of Mineworkers as the dominant labor representative. The companies’ profit margins have declined after prices fell and costs increased.

Click here to read the full Bloomberg report.