The Conversation (0)
Kitco reported a recap on platinum miners and strikes in South Africa.
Kitco reported a recap on platinum miners and strikes in South Africa.
As quoted in the market news:
Anglo American Platinum Ltd. (JSE: AMS)
The big news of the week broke Friday morning as Anglo American chief executive Cynthia Carroll stepped down. Media reports point to investors having had enough with the miner strike and lower share prices. The strikes continue at Amplats’ Rustenburg operations as the company refuses to yield to its striking workforce and continues to have less than 20% of its workforce on the job. Media reports Oct. 12 said Amplats lost over $126 million in revenue due to the ongoing labor disputes in South Africa, figures that continue to rise daily. 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.