South African Platinum Union AMCU has made unachievable new demands after already supposedly reaching an agreement with producers last week.
Last week hopes were raised that we would see an end to this draining 5 month strike, where in some cases only 3% of workers showed up to work. As the strikes continue to drag on South Africa is pushed towards recession.
Amplats, Implats and Lonmin the three mining organisations affected by the strikes have commented that these new demands if agreed too, would set them back $92 million on top of the “in principle” agreements.
Already the affect of the strike on these organisations will invariably lead to job cuts across the mining community and the gap between wage demand and the economic reality further widens.
The economic implications of the strike have been monumental with the miner as well who are said to have lost $10 billion in wages.
What does this mean for Platinum and Palldium Price?
Both the platinum and palladium price have risen as the important strike deal is delayed as a failure to reach an agreement caused prices to jump overnight.