Talks over a new three-year industry deal are looming as the so-called rand basket price for platinum and its sister metals has surged by 20 percent to 25 percent this year. While a four-month wage dispute at Sibanye Gold Ltd.’s gold mines could spill over into the platinum pay talks, workers will probably want to avoid a prolonged strike, said Chris Griffith, chief of Anglo American Platinum Ltd., the world’s No. 1 miner.
“It will be tough negotiations but I am not expecting a long disruption,” Griffith said in an interview in Johannesburg on Tuesday. “I don’t sense that kind of appetite in the platinum-group metals industry.” Still, the largest union in the platinum industry wants its members to share the benefits of higher prices. “Let us see that money trickle down to workers when negotiations come,” said Joseph Mathunjwa, president of the Association of Mineworkers and Construction Union. In 2014, AMCU led the longest ever platinum strike.Thousands of AMCU members have been on strike at Sibanye’s three gold mines since Nov.
“Its a tough environment for AMCU,” said Griffith. “They would want to try and recover some face I guess and recover some of what they have lost in the gold industry. They will see platinum as a strength, and would want to capitalize on that.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: Financial prey for the populistsAs the global wave of cross-border banking recedes, foreign banks are becoming easy targets for populist expropriation. Yet they perform an important function in helping capital ‘flow downhill’. Scandals and populist attacks do not stop them from playing that role, argues Erik Berglöf.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick Op-Ed: Chicken debate: See Brazil as ‘a partner, not an enemy’The chicken debate is becoming intense and the SA Poultry Association has lobbied the International Trade Commission of South Africa to increase import tariffs on chicken from Brazil.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Aspen Is Said to Get Approvals for Baby-Milk Deal in WeeksAspen Pharmacare is expected to receive final approvals to complete the sale of its milk-formula business within weeks, according to people familiar with the matter, after delays to the deal wiped out more than 30 percent of the South African drugmaker’s market value.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Africa Growth at 7-Year High, No Thanks to Its Major EconomiesGrowth in Africa’s two largest economies may be sputtering along but that won’t stop the continent’s gross domestic product from expanding at the fastest pace since at least 2012.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: MMG Joins Glencore, ERG Reviewing Congo Plans After Tax HikeYet another foreign miner in the Democratic Republic of Congo is reviewing its future production plans after the government increased taxes and removed investor safeguards despite industry protests.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Friday, April 4: Five Things You Need to Know to Start Your DayThe U.K. Parliament blocks a no-deal Brexit, while Chinese and American trade negotiators meet in Washington. Here are some of the things people in markets are talking about Friday? Thursday April 4th 😮
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Dabbling in weed could be good for democracyIt appears that cannabis’s moment has arrived. Lobbyists agree that the time has come for it to come out of the shadows and start flourishing, not just as a crop, but as an investment opportunity for both the fiscus and business owners. The world cannabis market could reach upwards of US$630-billion in market value by 2040 — and that has investors reaching for their rizlas. But one African country is lagging. Guess which. The greedy ones only see big money
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK ANALYSIS: Trading on US-China deal to deliver the goodsGlobal free trade is one of those amazing benefits to global wealth. The IMF has measured a 60% reduction in prices in emerging economies since 1990 due to freer trade. But it’s disparities and contortions are also heavily criticised. Consequently, the US-China trade talks are among the most controversial issues of the day. The question is: how will completing the deal — or not completing it — affect SA?
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: The balance in SA’s bloody strike at Sibanye-Stillwater’s mines tips slightlyThe strike at Sibanye-Stillwater’s three critical gold mines is a classic power battle between NUM and Amcu, overlaid on top of another classic power battle between Amcu and the company whose CEO Neal Froneman is one of the shrewder operators that Amcu boss Joseph Mathunjwa has had to deal with for some time. The balance has tipped slightly in the company’s favour, but the outcome is still far from certain.
Source: dailymaverick - 🏆 3. / 84 Read more »