Platinum Mine Strike Recap

Kitco reported a recap on the platinum strike in South Africa.

As quoted in the market news:

Media reports Friday said Anglo American Platinum had fired 12,000 striking workers in South Africa. Amplats’ Rustenburg operations had been heavily affected by the wildcat strikes as the company said it has lost 39,000 ounces of platinum production totaling over $82 million. Striking employees are also claiming that a police officer shot and killed a protester with a rubber bullet to the stomach. On Tuesday, the company advised employees at its Rustenburg mining operations not to attend work due security concerns linked with the strikes. Amplats has been signaling throughout the week that there would be repercussions to the strikes if they did not come to an end. Anglo American is the world’s largest platinum producer and accounts for roughly 40% of the world’s new platinum production. In 2011, the company produced 2.53 million ounces of platinum.

Click here to read the full Kitco report.