About 70,000 AMCU members downed tools in January at platinum mines run by Amplats, Implats and Lonmin to demand that their basic wages be more than doubled to 12,500 rand ($1,200) a month. Marred at times by violence, the strike
Despite a recovery on the demand side and a major strike in South Africa, mining companies inventory is preventing prices to rise. Platinum futures for April delivery gained 0.9 percent to $1,441.40 an ounce which is a 5% increase since January 1st.
The two largest platinum group metals producers, South Africa and Russia who together control about 90% of the world’s supply, have finally decided to join forces to try to curb excess production bringing down platinum and palladium prices. At the summit of