South Africa’s Platinum Mine Strikes Politically Motivated

Bloomberg reported unrest at South Africa’s platinum mines is politically motivated by former leaders to undermine the Congress of South African Trade Unions said Cosatu General Secretary Zwelinzima Vavi.

As quoted in the market news:

The National Union of Mineworkers, Cosatu’s biggest affiliate, is battling to retain members in the platinum industry. Police shot and killed 34 protesters at Lonmin Plc (LMI)’s Marikana complex on Aug. 16 after 10 people died in fighting among workers during a strike by rock drillers that started on Aug. 10. Impala Platinum Holdings Ltd. (IMP) shut a mine for six weeks this year in a similar dispute in which four people died.

Click here to read the full Bloomberg report.