Platinum and Palladium are down hard today (nearly 3%) to $1616 and $693 on breaking reports that the South African Lonmin’s Marikana mine strike has been resolved, as authorities have backed down and agreed to a 22% wage hike for the striking workers.
Reuters reports that all of Lonmin’s operations have resumed:
The six-week conflict in the mining sector, which claimed 45 lives, had also ignited criticism against President Jacob Zuma and his ruling African National Congress. They face accusations from political rivals that they have neglected poor workers and sided with wealthy business owners.
”Anglo American Platinum Limited (Amplats) confirms that all of its Rustenburg operations have resumed, effective from today’s morning shift,” the company said in a statement.
We hope our readers have already converted their platinum and palladium into gold and silver on the recent strike induced spike.