South Africa Won’t Take Sides in Feud Between AMCU, Platinum Miners

Bloomberg reported that South African President Jacob Zuma has said the nation will not take sides in the feud between the Association of Mineworkers and Construction Union (AMCU) and major miners Lonmin plc (LSE:LMI), Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY) and Anglo American Platinum Ltd. (OTCMKTS:AGPPY).

As quoted in the market news:

‘We should not be subjective about our own positions,’ Zuma said in an interview yesterday. ‘Government is talking to both sides so we can find an amicable solution.’

Members of the Association of Mineworkers and Construction Union marched on South African government offices in Pretoria yesterday as part of the labor group’s call for basic monthly pay to be more than doubled. Talks between striking workers and Anglo American Platinum Ltd. (AMS), Impala Platinum Holdings Ltd. (IMP) and Lonmin Plc, which together account for more than two-thirds of all the platinum mined globally, collapsed March 5 after a state mediator said the parties remained far apart.

Click here to read the full Bloomberg report.