Tuesday, June 24, 2014

"South Africa Platinum Mine Strike 'Officially Over'"

From AllAfrica via Kitco:
When the strike began Jan. 23, 70,000 workers put down their tools to demand higher wages and benefits.
The industry is a pillar of the struggling South African economy.

Markets react to news
On reports of the news, the spot price of platinum fell 1 percent, the rand firmed nearly 1 percent against the dollar to two-week highs and the London-listed shares of number three producer Lonmin rose as much as 7 percent.

The precious metal's two biggest producers, Anglo American Platinum and Impala Platinum, are listed on the Johannesburg stock market. It had closed by the time Mathunjwa finished his two-hour-long speech, but their shares closed up 1.6 percent and 1.1 percent respectively.

Industry sources said they could not confirm signings would take place on Tuesday but expected workers to return this week, Reuters reported....MORE
Kitco spot platinum up $5.00 at $1456, spot gold up $5.20 at $1323.50.