South Africa’s Mining Industry Expects Exports To Fall 12.5 Billion Rand

Bloomberg reported South Africa’s Finance Minister Pravin Gordhan says the mining industry expects exports to fall by 12.5 billion rand due to platinum strikes.

As quoted in the market news:

The strikes have cut gold and platinum output by 10.1 billion rand and coal production by 180 million rand, and it’s not known how much of those losses can be recouped, Gordhan said in a written reply to a parliamentary question today.

Violent labor unrest in the mining industry began in January with a stoppage by workers at Impala Platinum Holdings Ltd. (IMP), the world’s second-largest platinum producer, that left four people dead. At least 46 people died during an illegal six- week strike that began Aug. 10 at Lonmin Plc (LMI)’s Marikana platinum mine, 34 of them killed by police. Labor action has also shut shafts owned by AngloGold Ashanti Ltd. (ANG), Gold Fields Ltd. (GFI) and other companies.

Click here to read the full Bloomberg report.