Arab Today, arab today angloamerican platinum loses 126 mln
Last Updated : GMT 13:50:14
Arab Today, arab today
Arab Today, arab today

AngloAmerican platinum loses $126 mln

Arab Today, arab today

Arab Today, arab today AngloAmerican platinum loses $126 mln

Johannesburg - AFP

The world\'s top platinum producer Anglo American on Friday announced $126 million in lost revenue due to a month-long illegal strike, as ratings agency S&P downgraded South Africa over the mining unrest. Anglo American also declared a force majeure in its chrome deliveries as a result of the wildcat strike by thousands of its workers. The strike \"will adversely affect the company\'s delivery obligations regarding the supply of chrome ore and as a result force majeure notices have been issued to its chrome customers\", the company said in a statement. Its ability to deliver other metals including platinum and paladium \"remains unaffected at this stage\". The group has over the past four weeks lost 67,000 ounces in production of platinum, the equivalent of around 1.1 billion rands ($126 million, 97 million euro) in revenues. Meanwhile, Standard\'s and Poor\'s slashed South Africa\'s sovereign debt rating on Friday by one notch from BBB+ to BBB, citing the strikes affecting Anglo American and other mining companies. \"In our view, the strikes in South Africa\'s mining sector will likely feed into the political debate in the run-up to the 2014 elections, which may increase uncertainties related to the African National Congress\' future policy framework,\" the agency said, following in the tracks of Moody\'s, which downgraded the country last month. \"We also expect that South Africa\'s underlying social tensions will increase spending pressures and reduce fiscal flexibility for the government,\" it said. Around 28,000 of Anglo American\'s workers have been on a wildcat strike for four weeks at its sprawling facilities in Rustenburg, which account for around a quarter of world platinum production. A week ago the company sacked 12,000 of the striking miners. Investors have warned the dismissals could deepen a crisis that has already paralysed an industry that accounts for around 20 percent of the continental powerhouse\'s GDP. Work stoppages in the continent\'s economic powerhouse started in August with workers downing tools at Lonmin platinum mine. Since then, more than 50 people have been killed in rolling strikes that have frequently turned violent. President Jacob Zuma, at talks with the main Cosatu trade union movement and business leaders on Friday, said he was \"seriously concerned about the violent nature of the strikes.\" At another Anglo American mine, Kumba Iron Ore, more than 100 wildcat strikers have occupied a mine dump at its operations in the Northern Cape. They have seized heavy duty mining equipment worth more than 3,3 billion rand threatening to destroy it if their pay demands are not met. The company said there is already a two-year wage agreement that was concluded two months ago with two main unions, the National Union of Mine Workers (NUM) and Solidarity and that it will not enter into any other wage talks.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today angloamerican platinum loses 126 mln Arab Today, arab today angloamerican platinum loses 126 mln

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations

GMT 10:47 2017 Thursday ,23 February

Saudi Aramco may offer discounted shares to citizens

GMT 06:25 2017 Thursday ,23 February

Bupa Arabia sponsors SMEA forum

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday