Platinum price rises for the fifth consecutive day
Victoria Hewitt-Marsh, News Editor
11 Jun 2014, 10:53 a.m.
The platinum price has risen for the fifth consecutive day to $1,464.30 per ounce as labour talks in South Africa fail to reach an agreement.
The world’s three largest producers Lonmin, Impala and Anglo American Platinum confirmed the latest talks had been “dissolved without an outcome.”
The association of Mineworkers and Construction Union (AMCU) will not negotiate on their $1,170 wage demand, whilst the miners are considering legal action to resolve the dispute. Over 70,000 workers have been on strike since the 23rd of January.
As a result of the strike action South African Platinum production has dropped 25% and workers have lost a combined $900 in salaries. The three producers have been hit with an estimated $2 billion revenue loss and their share prices have fallen significantly.