Striking Continues at Amplats’ South African Operations

Bloomberg Businessweek reported that work at Anglo American Platinum Ltd.’s (LSE:AAL) mines was halted for a second day as workers continued to protest job cuts announced by the company last month.

As quoted in the market news:

The Association of Mineworkers and Construction Union, the biggest at Anglo Platinum, and the company failed to reach an agreement over the weekend, AMCU President Joseph Mathunjwa said today by telephone.

‘We remain open to resolve this dispute with the company as soon as possible,’ Mathunjwa said. ‘It’s up to them to decide if they want to talk.’

AMCU members downed tools on Sept. 27 after challenging last month’s decision by the company to consolidate five mines into three at its Rustenburg complex to curb costs. The mines are losing more than 1 billion rand ($99 million) every six months, Chief Executive Officer Chris Griffith said Aug. 30. Anglo Platinum produces as much as 40 percent of world supply.

Click here to read the full Bloomberg Businessweek report.