Lonmin Says New Demands Derailed Tentative Platinum Mining Strike Agreement

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South Africa’s platinum-mining industry said on Wednesday that the industry’s main labor union has made fresh demands that go beyond a preliminary accord struck last week, a move set to delay a definitive agreement to end a long-running strike, the Wall Street Journal reported.

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The new demands will cost the country’s biggest platinum producers an additional $93 million to the offer they made last week, something they “simply cannot afford,” the companies said in a joint statement. Lonmin PLC said in a separate statement that it will cost it an additional $18 million alone.

The price of Japanese platinum bar rose 1.0 percent on Thursday, June 19, making it the day’s biggest mover. After two days of falling prices, it closed at JPY 4,751 ($46.62) per gram. After a 1.0 percent increase, Chinese platinum bar finished the day at CNY 309.00 ($49.60) per gram. US platinum bar prices inched up 0.6 percent to $1,445 per ounce.

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Today marks the fifth day in a row of rising prices for US palladium bar. After climbing 1.0 percent, prices settled at $823.00 per ounce, driving an accelerated improvement since Friday, June 13. Chinese palladium bar prices rose 0.5 percent to CNY 185.00 ($29.69) per gram. The price of Japanese palladium bar flattened at JPY 2,700 ($26.49) per gram after two days of downward movement.

On the tail of a three-day flat streak, the price of Chinese gold bullion rose by 0.7 percent, settling at CNY 255.70 ($41.04) per gram. Japanese gold bullion finished the day up 0.6 percent to JPY 4,169 ($40.91) per gram. The price of US gold bullion increased 0.5 percent to $1,278 per ounce. Indian gold bullion gained 0.3 percent to finish at INR 26,960 ($450.55) per 10 grams.

At $19.90, the price of US silver finished the market day up 0.7 percent per ounce. Indian silver saw its price rise 0.6 percent to INR 43,564 ($728.03) per kilogram. Chinese silver prices rose 0.5 percent to CNY 4,160 ($667.73) per kilogram. The price of Japanese silver closed at JPY 641.00 ($6.29) per 10 grams. Following a couple days of improvement, prices fell by 0.2 percent.

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