South African platinum strike is over
Victoria Hewitt-Marsh, News Editor
24 Jun 2014, 10:32 a.m.
After 5 months of continuous strike action platinum workers at the world’s three largest mines in South Africa have agreed to return to work. The President of the Association of Mineworkers and Construction Union, Joseph Mathunjwa confirmed the workers have accepted a new wage deal.
The three mining companies involved Anglo American Platinum, Imapla Platinum and Lonmin are estimated to have lost £1.3 billion in revenue. South Africa is estimated to hold 80% of the worlds proved platinum reserves.
Although the platinum price has risen steadily throughout the strike above ground reserves had been sufficient to meet supply. Platinum is primarily used in catalytic converts to reduce automotive pollution.
Following the news the South African Rand rose 1% against the U.S. dollar.