South African Platinum Miners Record Losses in Real Time

Reuters reported yesterday that Lonmin plc (LSE:LMI), Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY) and Anglo American Platinum Ltd. (OTCMKTS:AGPPY) are now showing in real time the revenue and earnings that have been lost since members of South Africa’s Association of Mineworkers and Construction (AMCU) began striking at their operations.

As quoted in the market news:

Members of the Association of Mineworkers and Construction Union (AMCU) downed tools at Amplats, Implats and Lonmin over four weeks ago, demanding that monthly entry-level wages be more than doubled to 12,500 rand.

The producers say they cannot afford this given depressed prices and rising costs. Government mediators are enabling talks between the producers and the union but the two sides remain poles apart on the issue of wages.

Click here to read the full Reuters report.