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Platinum miner's strike taking heavy toll on South Africa growth

  • South African mining production plunged 24.7% Y/Y in the three months through March, the biggest quarterly drop since Q2 1967, and helping send the country's Q1 GDP down 0.6% Y/Y in its first contraction in five years, the government reports.
  • A four-month-old miner's strike at South Africa's three biggest platinum producers - Anglo American Platinum (AGPPY), Impala Platinum (IMPUY) and Lonmin (LNMIF) - has cost the companies more than 470K oz. of production in Q1 and 19.8B rand ($1.9B) to date in lost revenue.
  • A South African labor court judge is now mediating talks between the companies and the miner's union - a step supported by both sides but she can’t impose anything on the parties.
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