Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News January 23, 2014 at 12:30PM

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VENTURES AFRICA – JSE-listed platinum miner, Lonmin, on Thursday estimated that its losses during the current wage strike could amount to 3,100 platinum ounces.
The firm made this disclosure as it confirmed that the strike – led by the militant Association of Mineworkers and Construction Union (AMCU) – had started on Thursday morning at its South African mines.
It said it was serious in its efforts to find a lasting solution to the wage dispute, which neither the company nor the union knows when it will come to an end.
This has left the ANC worried sick because it does not want the strike to be a factor during the up-coming election in about three months’ time.
Lonmin, which is also listed on the London Stock Exchange (LSE), is among the world’s biggest producers of platinum group metals.
Its operations are mainly in South Africa’s Bushveld complex. Almost 80 percent of known global platinum metals are based here.
Meanwhile, Harmony Gold said the AMCU strike had been suspended at its mines pending the court judgement.
AMCU strike was suspended pending labour court judgment. The judgment is expected to be released next Friday.
The court this morning said it could not make a final judgement sooner as it wanted to carefully consider the arguments from both sides.
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