S. Africa’s Amplats is Back in Profit, But Strike Threatens

Anglo American Platinum is in the green, but maybe not for long. The company “said on Monday it swung back to full-profit, although its recovery is threatened by fresh labour unrest across South Africa’s platinum belt,” reports Reuters.

“Members of the hardline Association of Mineworkers and Construction Union (AMCU) walked out at Amplats and rivals Impala Platinum and Lonmin last month, demanding their monthly wages be more than doubled.”

“Wrestling with soaring input costs and suppressed platinum prices, Amplats last year embarked on a restructuring process that saw it mothball some mines and cut jobs.”

“Another drawn-out strike may lead to another review of its Rustenburg operations in the platinum belt, Chief Executive Chris Griffiths said.”

In metal price news for precious metals…

The price of Indian silver closed as the biggest mover for Monday, February 3. Switching from a downward trend following a 5.2 percent increase. US silver prices inched up 1.6 percent. The price of Chinese silver showed little movement yesterday. The price of Japanese silver steadied following two-days of dropping prices.

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Indian gold bullion prices were off by 4.9 percent yesterday on Monday to INR 28,170 ($450.67) per 10 grams. US gold bullion saw its price rise 1.3 percent. The price of Chinese gold bullion remained essentially flat. Japanese gold bullion held its value yesterday.

At $1,384, the price of US platinum bar finished the market day up 0.4 percent per ounce. The price of Chinese platinum bar held steady. After a couple of days of decreasing prices, the price of Japanese platinum bar held steady.

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The price of US palladium bar fell 0.6 percent. After dropping for two days, the price of Japanese palladium bar flattened. Chinese palladium bar saw little change in its price yesterday.

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