South African Platinum Mine Fires 17,200 Workers
South African platinum miner Impala Platinum Holdings Ltd. has fired 17,200 of its approximately 46,000 workers at its Rustenberg mine following a court ruling that a strike by the workers was illegal. The mine is the world’s largest producer of…
South African platinum miner Impala Platinum Holdings Ltd. has fired 17,200 of its approximately 46,000 workers at its Rustenberg mine following a court ruling that a strike by the workers was illegal. The mine is the world’s largest producer of platinum, yielding 941,200 ounces of the metal in 2010.
The mine produces about 3,000 ounces of platinum a day and has been experiencing a labor dispute since January 20th, when about 5,000 rock drillers walked off the job in a disagreement over pay. All were dismissed, but about 750 have been rehired since according to Bloomberg Businessweek.
Platinum prices have risen about $200/ounce since the beginning of the year, and sit at $1,631.50/ounce today.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
