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THE ECONOMIC EFFECTS OF A STRIKE FOR BOTH PARTIES The employer is likely to lose money due to delayed service to clients or to lost production time The employees will lose their pay due to the no work no pay principle If the strikers are dismissed they will lose their livelihoods altogether
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Currently disruptive tendencies are already having huge negative impacts on the mining industry—especially in the Platinum Group Metals PGMs of the Rustenburg platinum belt North West province Platinum Mining and Global Market Trends Slow Down in the Demand of Platinum
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strike in South Africa s platinum industry The strike lasted …ve months ending in June 2024 when producers reached an agreement with the main labour unions The immediate impacts on local mining towns were partic ularly severe but our research shows that the strike could also have long lasting negative impacts on the South African
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Another challenge facing the platinum sector is that companies sold assets due to the impact of the strike on operations and unprofitable mines were closed The structure of the platinum companies would possibly change as the platinum companies merge with other companies This would change the capital structure of the companies
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Figure Labour market equilibrium before unprotected strikes Figure Labour market equilibrium after unprotected strikes What is also interesting about the platinum market is that South Africa provides % of the worldâ s platinum supply and therefore major players are forced to remain in the country even though the macro and micro economics do not always stack up
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In 2024 the mining sector contributed R351 billion to the South African gross domestic product GDP A total of 456 438 people were employed in the mining sector in 2024 Each person employed in the mining sector has up to nine indirect dependants The mining sector has for many years attracted valuable foreign direct investment to South Africa
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The sector s importance to the economy was made clear earlier in the year when Impala Platinum was hit by a six week strike and other companies endured safety stoppages The mining sector
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The unions are asking for monthly wages of the lowest paid workers to be doubled to R12 500 £702 a month but the mining companies say this would work out as a 29 per cent increase in their
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South Africa produced 73% of global platinum during 2024 and is the main constituent of costed mine production Minxcon used the cost curves to compare the operating platinum mines cost curves to the average platinum price for the year Figure 1 shows the platinum industry AISC curve for calendar year 2024 at a mine level while
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Exposure to platinum salts may cause irritation to the eyes nose and throat The long term effects may manifest in the form of skin allergies or respiratory complications The Centres for Disease Control and Prevention
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At this week s Mining Lekgotla 13 14 August 2024 the future of the currently suppressed platinum industry is likely to be a key agenda item Whether fuel cell technology takes off is a critical determinant of what this future might look like In its latest set of facts and figures the Chamber of Mines states that despite the significant role and contribution of the platinum
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Immediate impacts to global platinum supply may be modest to judge by historical examples An 11 day strike at Amplats in the fall of 2024 cost 44 000 ounces in platinum output
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This campaign was attacked by some in the media who questioned why the miners need help when it is they who are on strike in the first place The answer is simple because the system is exploitative to begin with That is what pushed the workers to demand a living wage of R12 500 in the first place Attempts to break the strike
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The platinum mining industry in South Africa increased production from 163 tons in 2024 to almost 200 tons in 2024 with total sales of over R9 billion Africa Mining IQ currently tracks 82 PGM projects across South Africa across all stages of development Active 8 Operational 22 Feasibility 9 Grassroots 4 PGM Geography is SA
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The advent of black economic empowerment and the use it or lose it approach to minerals rights — envisaged in the Mineral and Petroleum Resources Development Act of 2024 — led to a shift in the sector and the growth and rise of smaller platinum companies including intense interest from foreign investors and operators alike
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Platinum element #78 symbol Pt is a dense silvery gray metal The platinum group of elements consists of metals with similar physical properties as platinum and these elements are among the rarest in the Earth s crust They have high melting points are dense or heavy and are non reactive with other elements
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The mining sector in South Africa is in trouble with the combined worth of South Africa s 35 top platinum mining companies having dropped 55% since June 2024 Thousands of jobs are being lost and there are concerns over safety
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Platinum Group Metals Ltd PGM is a Canadian company with mining projects in the Bushveld Complex of South Africa a territory with some of the richest platinum deposits on Earth The company is poised to transform itself through the Waterberg Project a joint venture between five companies including PGM Impala Platinum and has a share of % in the Waterberg project which
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The strike took around 440 000 ounces of platinum out of production The three companies Impala Platinum Amplats and Lonmin suffered a total revenue loss of about during the strike and a further loss of billion in wages The five month long strike affected both the workers and the mining companies
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100 000 platinum mineworkers affiliated to the Association of Mineworkers and Construction Union Amcu will not report for their duties from today at Anglo American Platinum Impala Platinum and Lonmin The union is demanding a R12 500 minimum salary for its workers which platinum CEOs have insisted is unrealistic and unaffordable Furthermore they have emphasised emphatically that a strike
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Mining is the extraction of minerals and other geological materials of economic value from deposits on the Earth Mining adversely affects the environment by inducing loss of biodiversity soil erosion and contamination of surface water groundwater and soil Mining can also trigger the formation of sinkholes
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The magnitude of these impacts is similar to the estimated impacts for the 2024 platinum mining strike calculated by Bohlmann et al 2024 • In value terms the connected sectors that show the biggest impact include the wholesale and retail trade financial services transport and other services Water electricity and rubber products show
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A total of 7 330koz of platinum was consumed in 2024 down by % compared to the previous year mainly due to lower demand from the automobile and jewelry industries which fell by 20%
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A wave of violent wildcat strikes that erupted periodically in 2024 rooted in a turf war between AMCU and the National Union of Mineworkers cost platinum and gold producers over 16 billion rand
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According to a joint statement from the platinum producers the strike reportedly affected half of the global platinum supply in which employers forfeited revenue of approximately R23 billion and employees lost earnings of some billion
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Employee numbers in the South African platinum sector had shrunk to less than 134 000 souls by December 2024 from 145 000 in December 2024 A prolonged strike could exacerbate this reduction and may result in more restructuring and possible closures said Goodlace in a prepared statement
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Of the few studies that have been published they have mainly focused on the impacts of mining Maboeta et al 2024 Wahl et al 2024 or agriculture Helling et al 2024 Reinecke and Reinecke 2024
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In 2024 global mine supply was some JM Global platinum mine supply depends heavily on the South African PGM mining industry which supplies about 72% of global platinum Russia North America and Zimbabwe supply around 12% 6% and 7% respectively JM 2024 Global platinum mine supply between 2024 and 2024 declined by c % CAGR
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Environmental Health Impacts of Platinum Mining The Journalist
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Industrial scale mining in South Africa began in the 1850 s with the establishment of the first copper mine Then in 1867 diamonds were discovered in Hopetown and in 1870 gold was discovered
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