Anglo Platinum Ltd. is the holding company for a group of companies which operate platinum mines. In addition to platinum, the group mines and produces platinum group metals such as palladium, rhodium, iridium, ruthenium, osmium, nickel, copper and cobalt. More
Friday, Sep 2711:07 AMStrike hits Amplats South African mines
Friday, Sep 2711:07 AM| 1 Comment
- Fewer than one in five workers showed up today at Amplats' (AGPPY.PK, AGPPF.PK) South African platinum mines around the city of Rustenburg, in protest against planned job cuts.
- Amplats - part of global mining group Anglo American (AAUKY.PK, AAUKF.PK) and the world's No. 1 producer of the precious metal - said last month it would cut 4,800 jobs.
- Unlike work stoppages since that declaration, Friday's action is legal and in keeping with a change of tactics by the mineworkers union, which was behind a wave of wildcat strikes that rocked South Africa's gold and platinum sectors last year and drove Amplats into the red.
Friday, Aug 308:18 AMImminent strike just the latest in South Africa's labor troubles
Friday, Aug 308:18 AM| 1 Comment
- As a mining strike looms, new Anglo American (AAUKY.PK, AAUKF.PK) CEO Mark Cutifani tells WSJ ~50% of South Africa's gold and platinum operations are operating at a loss and "you will see shafts in platinum and gold close if the wage hike goes badly.”
- Some miners already have begun to sell their South African assets and redirect spending elsewhere; Gold Fields (GFI) last year sold all but one gold mine in the country, and Harmony Gold (HMY) is directing more of its exploration money to Papua New Guinea than to South Africa.
- More labor tension: Anglo American Platinum (AGPPY.PK, AGPPF.PK) will fire 3,300 workers at its South African mines to revive profitability; ~45% of Amplats' business is in South Africa.
Friday, May 177:58 AMThe head of a major South African mining union threatens to bring the country's economy "to a standstill" and demands a meeting with President Zuma, ramping up the rhetoric in a long and heated conflict between labor and the government. But a strike seems averted for at least another day, as top platinum producer Amplats (AGPPY.PK) says employees reported for today's shifts as normal. |Friday, May 177:58 AM| Comment!
Friday, May 1011:28 AMAnglo American Platinum (AGPPY.PK) appeases labor tensions but disappoints investors by agreeing to cut fewer jobs than proposed and to keep more of its production on line as a result. Amplats now estimates 2013 platinum production at 2.2M-2.4M oz. vs. an earlier forecast of 2.1M-2.3M, feeding concerns that supply could exceed demand this year. Platinum -2.5% to $1,479.10. |Friday, May 1011:28 AM| Comment!
Thursday, Nov 152012, 8:15 AMAnglo American Platinum says striking employees have returned to work, ending a weeks-long strike which was the last unresolved major labor disruption that started after miners first went on strike at Lonmin in August. Anglo, which accounts for ~40% of the world's total platinum output, says headline and basic earnings for this year could decrease by more than 20%. |Thursday, Nov 152012, 8:15 AM| Comment!
Monday, Nov 122012, 10:37 AMAnglo American Platinum says it's too early to tell whether striking South African miners will return after it told them to resume work or face dismissal, but a labor leader says no agreement has been reached. The world's top platinum producer says it has lost ~168K oz. of production, worth more than $250M at current spot prices, as the wildcat strike is in its second month. |Monday, Nov 122012, 10:37 AM| Comment!
Wednesday, Aug 222012, 9:39 AMPlatinum prices jump to four-month highs as spreading labor unrest in South Africa raises the possibility that a further 40% of world production of the metal could be affected. Fears that a two-week standoff at Lonmin's Marikana mine could spread to top platinum producer Anglo-American grow, as Amplats workers have become the latest group of platinum miners to demand higher wages. |Wednesday, Aug 222012, 9:39 AM| Comment!