Platinum price falls as strikes begin in major mines

Johannesburg-SA (Sept 30)  Platinum prices fell slightly on the news regarding breaking down of wage negotiations between the National Union of Mineworkers of South Africa and Anglo American Platinum (Amplats) and Impala Platinum (Implats), Platts reported.

Platinum prices fell down by around 2% week on week at around $1,025/ozon Thursday and Palladium was 3% higher week on week at $705/oz.

Hike in the wages by 9.5% from Implats by the National Union of Mineworkers while the company has tabled a 7.5% offer. From Amplats, the same union is demanding 14.5% rise and the company has offered a 6.75% increase.

Improvement in housing, benefits and medical insurance has also been demanded by NUM from both companies. The National Union of Mineworkers (NUM) is the second largest union in South Africa while and Implats are the largest platinum producers in the country.

Source: ScrapRegister