South African platinum miners reject pay offer, strike nears four months

|By:, SA News Editor

South African platinum miners will continue their strike after workers rejected the latest wage offer from employers, according to the president of the AMCU union that is spearheading the strike.

The world's three largest mining companies - Anglo American Platinum (AGPPY), Impala Platinum (IMPUY) and Lonmin (LNMIF) - had revised their wage offer at the end of April with an above-inflation salary increase of as much as 10%.

The strike has been running for nearly four months and has cut global production of the metal by ~40%; the big three miners are estimated to have lost ~$1.5B so far.

ETFs: PPLT, PTM, PGM