Platinum Overtakes Gold As South African Mining Problems Return
January 15, 2013 - 6:47pm
In some ways it is lucky that the platinum coin nonsense is dead and buried because there may have been certain procurement issues. The reason, as was the case late in 2012, is that the South African mining situation is once again rapidly unraveling, despite hopes by third parties that recent wage compromises between employers and unions had managed to leave striking workers and mining companies at a tense but cordial impasse. However, as was easily predictable, following the substantial wage hike demanded by miners to end strikes, what resulted was perfectly expected: a collapse in profits. And now Anglo American Platinum has no choice but to shutter a variety of facilities and fire workers outright in order to restore the pre-riot profitability. From AP: "The world's largest platinum producer said Tuesday it will close some operations, sell one mine in South Africa and cut 14,00...
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