S. Africa’s AMCU to Present Revised Wage Offer to Members

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A new offer has been created, but it might be a disappointing one… “The world’s top platinum producers have made a revised wage offer to South Africa’s AMCU union but it falls short of its demand for a minimum ‘living wage’ of 12,500 rand ($1,100) a month, the union’s chief negotiator said on Wednesday,” reports Reuters.

“Jimmy Gama told reporters the Association of Mineworkers and Construction Union (AMCU) would put the offer to its members on Thursday after the conclusion of government-brokered talks with strike-hit Anglo American Platinum, Impala Platinum and Lonmin.”

“Gama’s tone suggested little hope for an imminent end to the stoppage, which started last Thursday and has hit over 40 percent of global production of the precious metal used to build emissions-capping catalytic converters in automobiles.”

In metal price news for precious metals…

On Wednesday, January 29, the day’s biggest mover was Indian gold bullion, which saw a 2.8 percent decline. Japanese gold bullion fell 0.6 percent yesterday. The price of Chinese gold bullion fell 0.5 percent. The price of US gold bullion showed little movement on Wednesday.

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Indian silver ended the day, after the 2.1 percent drop yesterday. Japanese silver prices saw a 1.4 percent decline. US silver closed 0.6 percent lower. The price of Chinese silver declined 0.2 percent.

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Japanese platinum bar fell 1.0 percent on Wednesday. The price of Chinese platinum bar fell 0.3 percent. After dropping for two days, the price of US platinum bar flattened.

US palladium bar ended the day after the 0.8 percent drop yesterday. Japanese palladium bar saw little change in its price on Wednesday. The price of Chinese palladium bar was essentially unchanged.