Seeking Alpha

Platinum miners, union in talks to end massive strike

  • South Africa's Association of Mineworkers & Construction Union has started government-brokered pay talks with the world's three largest platinum producers in order to end a strike of up to 100,000 workers.
  • The strike, which is affecting over half of the world's platinum output, is in its second day and is threatening to turn violent.
  • The meeting marks the first time that the AMCU has met with Anglo American Platinum (AGPPY), Impala Platinum (IMPUY, IMPUF) and Lonmin (LNMIF, LNMIY) under one roof.
  • Platinum futures are -1% at $1,449.15 an ounce.
  • ETFs: PPLT, PTM, PGM.
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