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

Africa News January 28, 2014 at 12:01PM

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VENTURES AFRICA – Talks between South Africa’s platinum producers and the militant Association of Mineworkers and Construction Union (AMCU) ran aground on yesterday, as the mining strikes continued in Africa’s largest economy.

Government-facilitated discussions were aimed at bringing to an end the platinum strike that started last week and immediately reduced the global platinum production in South Africa significantly.

In addition, the strike cost the producers a lot of money in lost platinum ounces production.

“They want to sleep on our demands, we are confident that progress will happen tomorrow,” Jimmy Gama, the main negotiator for AMCU, told Reuters late on Monday.

Gama made these comments shortly after the dialogue between the warring factions came to an end.

Talks started again this morning and it is believed that they are set continue into the following day.

Members belonging to AMCU went on a wage strike last Thursday at Implats, Lonmin and Amplats, among the world’s biggest producers of platinum.

While some argue that the government brokered talks to quell the strike because it does not want it to be a factor in the upcoming general elections, others are of the opinion that continuous strikes has dealt South Africa’s shaky investor confidence a huge knockback, in a time when the continent is experiencing economic resurgence.

 

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