Precious Metals

Implats Closes Rustenburg Mine Ahead of Planned Strike

Precious Metals

Reuters reported that Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY) has closed its Rustenburg mine prior to a planned strike by members of South Africa’s Association of Mineworkers and Construction Union (AMCU).

Reuters reported that Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY) has closed its Rustenburg mine prior to a planned strike by members of South Africa’s Association of Mineworkers and Construction Union (AMCU).

The company’s Marula and Two Rivers mines will not be affected and thus remain open.

As quoted in the market news:

AMCU, the platinum industry’s main trade union, plans to strike from Thursday at Implats, Anglo American Platinum and Lonmin, the top three producers of the metal used in emissions-capping catalytic converters in cars.

The union had also planned to strike in the gold sector but a court ruled that the strike be suspended pending a review of its legality.

Around 100,000 workers or a fifth of South Africa’s mining labour force could down tools or be prevented from crossing picket lines in a stoppage that would hit over half of global platinum production.

Click here to read the full Reuters report.

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