From Bloomberg via Mineweb:
Stockpiles built to weather the strike at the world’s three largest producers may run out if a new round of talks remain deadlocked.
Platinum stockpiles built to weather a strike at the world’s three largest producers of the metal may run out if a new round of talks to end a six-week pay strike at South African mines ends in deadlock.
Anglo American Platinum Ltd., Impala Platinum Holdings Ltd. and Lonmin Plc were today meeting with the Association of Mineworkers and Construction Union after a first set of talks failed to end a stoppage over pay by more than 70,000 workers that started on Jan. 23. Producers have so far lost more than 6.6 billion rand ($613 million) in revenue because of the walkout, while wages forfeited exceed 2.9 billion rand, a joint website of the three companies showed today.
“The strikes are going on longer than planned,” Stephen Meintjes, head of research at Imara SP Reid (Pty) Ltd. in Johannesburg, said by phone. “People might have underestimated the mineworkers’ resolve.”
The AMCU’s members are striking for monthly wages to be more than doubled to 12,500 rand and rejected a mediated increased offer of as much as 9 percent, refusing to budge on their demands. South Africa’s inflation rate was 5.8 percent in January. The country accounts for more than 70 percent of production of platinum, a metal used for jewelry and catalytic converters that reduce harmful emissions from vehicles....MUCH MOREHere's how the short gold/long platinum pair trade is looking the last five days:
This is about as good as it gets for our little short gold/long platinum pair trade.On the 25th, having passed that top-tick and not selling, the comment was:
I fear I may have some 'splainin' to do at the Monday morning meeting.Go miners.
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