Arab Today, arab today anglo american \mulls sale of south african platinum mines\
Last Updated : GMT 12:19:39
Arab Today, arab today
Arab Today, arab today

Anglo American \'mulls sale of South African platinum mines\'

Arab Today, arab today

Arab Today, arab today Anglo American \'mulls sale of South African platinum mines\'

Johannesburg - AFP

Anglo American's chief executive has hinted that the mining titan is looking to offload its strike-hit South African platinum mines to concentrate on open-cast extraction. The London-listed firm's operations in South Africa's platinum belt north of Johannesburg have been idle for close to three months, forcing the firm to dig into reserves and hitting its bottom line. About 80,000 miners are on strike and have vowed not to return to the shafts until their minimum monthly wage is doubled to 12,500 rand, around $1,200. Anglo American says that demand, if met, would wreck its platinum subsidiary. "The Rustenburg resource is no longer what it used to be," Mark Cutifani told newspaper Business Day in an interview published on Monday. "I don't think that's where our best skills set sits. "That's why I've been quite vocal saying we should consider taking a back step from Rustenburg." The area holds the largest platinum deposits in the world, but the mines are labour-intensive and often deep, making mechanisation costly and politically fraught. "We should be focusing on the more mechanised operations which is what I think we do much better, and allow someone who has better skills set in those types of mines to run those kinds of assets," Cutifani said. Sibanye Gold, the largest producer of gold in the country, has indicated it is considering buying some platinum mines once the strike is resolved. Talks between the company and the Association of Mineworkers and Construction workers (AMCU), which represents the striking workers have so far failed to end the dispute. The world's top platinum miner Amplats had warned in February of restructuring because its Rustenburg and Union mines, in the country's north-western and northern regions, were "in the most marginal financial position." It then warned that "if the industrial action continues for much longer, we cannot rule out the need for further restructuring to ensure the long term sustainability of those mines." Amplats says the strike is costing it about $92 million or 4,000 ounces of platinum each day.

arabstoday
arabstoday

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 anglo american \mulls sale of south african platinum mines\ Arab Today, arab today anglo american \mulls sale of south african platinum mines\

 



Arab Today, arab today

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 anglo american \mulls sale of south african platinum mines\ Arab Today, arab today anglo american \mulls sale of south african platinum mines\

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
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