[miningmx.com] – A FIFTH of South Africa’s platinum production has been lost to the eight week strike called the Association of Mineworkers & Construction Union (AMCU), said BDLive citing Thomson Reuters GFMS.
The strike has so far cost South Africa’s platinum sector R13bn with a total of 800,000 ounces lost of which 500,000 oz is production already ceded and a further 300,000 oz likely to be lost as companies take weeks building production up again.
“I would expect this to have an impact on the market,” William Tankard, research director of precious metals at Thomson Reuters GFMS told BDLive in an interview.
“If you compare it to 2012 when we saw losses of between 500,000 oz and 600,000 oz in totality, then we are . already looking at a situation 30% worse than that and counting,” he said.
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