Anglo American Platinum (Amplats), the world's top producer of the metal, said on Monday that it was losing 100 million rands (about 9.3 million U.S. dollars) a day due to a prolonged strike. "The company is losing 4000oz amounting to R100m in revenue daily," said Amplats spokesperson Mpumi Sithole in an e-mail. The strike which entered its fourth week on Monday with no sign of an end has brought the world's platinum production to a near standstill. Two other platinum producers -- Lonmin Platinum and Impala Platinum -- are also being hit by the strike, organized by the Association of Mineworkers and Construction Union (AMCU). Also on Monday, the Commission for Conciliation, Mediation, and Arbitration (CCMA) resumed talks with AMCU to end the strike after the failure of several rounds of negotiations. The CCMA has been mediating talks between the union and the platinum companies since Jan. 24. "The meeting is currently still underway and there is no update, " the commission said shortly after 15:00. AMCU demands basic salaries of 12,500 rands (about 1,157 U.S. dollars) every month, but the companies reject the demand, calling it "unaffordable" and "unrealistic." On Saturday, Amplats launched a lawsuit against AMCU for damages and losses suffered over the work stoppage. Amplats was seeking 591 million rands (about 55 million dollars) but this could rise if damages continued. "The provisional quantum of the damages claim is about R591m, although as AMCU's wrongful conduct is continuing the damages will continue to accrue," Sithole said. Sithole said the decision to sue AMCU was in response to violence and the intimidation of non-striking workers. "We would like to see an end to intimidation and vandalism. We want production to resume," she said. AMCU President Joseph Mathunjwa said the union's leaders "have not seen the court papers as yet."
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor