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Striking South African Lonmin Workers Return to Work
May. 17, 2013 10:08AM PST
Precious Metals InvestingAllAfrica reported that 83 percent of workers striking at Lonmin plc’s (LSE:LMI) South Africa-based Marikana mine went back to work on Wednesday night. They had been ordered back to work earlier in the day by the president of the Association of Mine Workers and Construction Union.
AllAfrica reported that 83 percent of workers striking at Lonmin plc’s (LSE:LMI) South Africa-based Marikana mine went back to work on Wednesday night. They had been ordered back to work earlier in the day by the president of the Association of Mine Workers and Construction Union.
As quoted in the market news:
Workers affiliated to the Association of Mine Workers and Construction Union, AMCU, went on strike on Tuesday, May, 14, 2013, demanding the closure of National Union of Mine Workers, NUM, offices at Marikana. Workers were angered by the killing last weekend of AMCU’s Regional Organiser for the North West, Mawethu Steven.
Reacting to the strike, South Africa’s currency, the Rand, fell in value against the US dollar, caused partly by fears that the Lonmin strike could result in a repeat of the industrial unrest that hit the economy last year. Also, Lonmin’s shares fell by over 10 per cent in two days.