Impala Says Platinum Mining Strike Still On, But Talks Continue

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The world’s three largest platinum companies and the biggest union at their mines in South Africa will this week continue talks to end a strike that has crippled production for the last five months.

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While members of the Association of Mineworkers and Construction Union late last week accepted a pay proposal “in principle” from Anglo American Platinum, Impala Platinum Holdings and Lonmin, the AMCU has said it has conditions to put to the companies before agreeing to any deal. A Reuters report that stated the parties had reached an agreement was incorrect, Johan Theron, a spokesman for Impala, told Bloomberg Businessweek by phone today.

“Discussions are expected between the union and the companies in the day or two ahead,” Charmane Russell, a spokeswoman for the producers at Johannesburg-based Russell and Associates, said in an e-mailed response to questions. AMCU President Joseph Mathunjwa and Treasurer Jimmy Gama didn’t answer phone calls seeking comment.

On Monday, June 16, the day’s biggest mover was US palladium bar, which saw a 1.3 percent decline to $810.00 per ounce. The price of Japanese palladium bar showed little movement on Monday at JPY 2,759 ($27.06) per gram. At CNY 186.00 ($29.94) per gram, the price of Chinese palladium bar was essentially unchanged.

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The price of US platinum bar fell 0.3 percent to $1,435 per ounce. The price of Chinese platinum bar flattened at CNY 309.00 ($49.74) following two-days of declines. The price of Japanese platinum bar ended a two-day climb, settling at JPY 4,847 ($47.53) per gram.

US gold bullion saw its price rise 0.2 percent to $1,276 per ounce. The price of Chinese gold bullion remained essentially flat at CNY 254.05 ($40.90) per gram. Indian gold bullion saw little change in its price on Monday at INR 26,362 ($441.50) per 10 grams. Japanese gold bullion stayed flat at around JPY 4,140 ($40.60) per gram.

At $19.68, the price of US silver finished the market day up 0.8 percent per ounce. The price of Chinese silver remained steady at CNY 4,110 ($661.65) per kilogram. At INR 41,311 ($691.85) per kilogram, the price of Indian silver was essentially unchanged. Japanese silver saw little change in its price on Monday at JPY 630.00 ($6.18) per 10 grams.

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