Anglo American, Impala, Lonmin: Strike Demands “Unrealistic”

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The CEO’s of Anglo American, Impala and Lonmin have apparently had enough. The “Bosses of the world’s top three platinum producers accused South Africa’s AMCU union of making ‘unaffordable and unrealistic’ demands on Tuesday ahead of a strike this week which could hit over half of global output of the precious metal,” report Reuters.

“The chief executives of Anglo American Platinum, Impala Platinum and Lonmin made the dramatic warning as signs of some divisions emerged in the hardline Association of Mineworkers and Construction Union, which has called the stoppage for Thursday.”

“In a rare joint statement that throws down the gauntlet in a bruising standoff between capital and labour, the trio said that ‘it is of great concern … that employees are being made promises by AMCU that cannot be delivered upon.'”

In metal price news for precious metals…

US silver saw the biggest price decline of the day, dropping 2.3 percent to close on Tuesday, January 21. The price of Chinese silver declined 0.4 percent, after two days of improvement. Indian silver ended the day, after the 0.2 percent drop yesterday. The price of Japanese silver remained steady.

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US gold bullion prices saw a 1.0 percent decline. Japanese gold bullion finished the day up 0.9 percent. After improving for two days, the price of Chinese gold bullion declined 0.2 percent. Indian gold bullion closed 0.1 percent lower.

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The price of US platinum bar closed. Following a couple days of improvement, the metal’s price weakened by 1.5 percent. The price of Japanese platinum bar finished the market day up 1.5 percent per gram. Chinese platinum bar prices rose 0.3 percent.

The price of US palladium bar increased 0.8 percent. The price of Chinese palladium bar increased 0.6 percent. The price of Japanese palladium bar declined 0.3 percent.