Spot Platinum Rises 2.2 Percent as Amplats Workers Strike

The Wall Street Journal reported that platinum — along with palladium — rose today as about 5,600 workers at Anglo American Platinum Ltd.’s (OTC Pink:AGPPY) Thembelani and Khuseleka mines began a wildcat strike Sunday night.

As quoted in the market news:

Spot platinum was up recently 2.2% on Friday’s price at $1,352.20 a troy ounce and spot palladium had risen 2.3% to $696.30 an ounce.

Anglo Platinum said the workers were demanding the reinstatement of 19 Association of Mineworkers and Construction Union leaders who had been suspended following an illegal sit-in last month. The strike comes as the government, mining companies and some unions are seeking a new agreement to bring an end to the violence and work disruptions. AMCU has the majority now at a number of platinum mines and the tension between AMCU and former incumbent National Union of Mineworkers continues to cause strikes. A worker representative at the Anglo American Platinum mines said the employees will strike until their leaders are rehired.

Click here to read the full report from The Wall Street Journal.