Platinum strike paralyzes South African mines as talks break up

|By:, SA News Editor

The strike at South African platinum mines has paralyzed the world’s three biggest producers of the metal for a second day, as talks to resolve the dispute over pay brake up until next Monday.

Negotiations between Anglo American Platinum (AGPPY), Impala Platinum (IMPUY, IMPUF) and Lonmin (LNMIF, LNMIY) and the AMCU union are expected to resume for three days beginning Jan. 27; platinum prices pared declines as prospects of a quick end to the walkout faded.

At least 70K employees began their strike yesterday in the country that is home to 70% of global production; the mining companies estimate the strike will cost ~$13M/day in lost revenue.