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

Africa News February 17, 2014 at 11:56AM

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VENTURES AFRICA – The world’s biggest platinum producer, Anglo American Platinum (Amplats), on Monday disclosed it is currently losing at least R100 million ($9.2m) a day due to the long-running wage strike at its South African operations.

“The company is losing 4000oz amounting to R100m in revenue daily,” Sapa quoted Amplats spokesperson, Mpumi Sithole, as saying.

The wage strike, which was called by the Association of Mineworkers and Construction Union (AMCU) three weeks ago, entered its fourth week on Monday, meaning it has lost over $193 million till date.

Mine workers employed by platinum producers, Amplats, Lonmin and Implats, are clamouring for a basic salary raise to R12 500 ($1,153) .

With an amicable resolution yet to be reached, reports have suggested that the platinum miner has embarked on a legal action against AMCU in an effort to recoup R591 million ($55 million) it claims it has lost because of damage to property by striking workers, which could continue to rise if the strike isn’t called off.

Last week, talks aimed at ending South Africa’s platinum wage strike were put off until Monday this week.

Discussions involving AMCU and the government’s go-between, the Commission for Conciliation, Mediation and Arbitration (CCMA), were set to start this morning, it was announced late last week.

 

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