Amplats will not make profit this year after strikes – CEO

by admin 5 views0

Anglo American Platinum won't make a profit this year due to a 10-week strike at its South African mines, its chief executive said.

He also added that the company is unlikely to declare force majeure on supplies to customers.

“If we run out of metal we will go to the market to buy it … to supply our customers,” CEO Chris Griffith told journalists, adding that output was running at 60 per cent. 

(READ MORE: S.African platinum bosses warn of strike costs)

Griffith also said job losses were inevitable in the strike-hit Rustenberg platinum belt. 

Workers led by the Association of Mineworkers and Construction Union (AMCU) downed tools in late-January, demanding a doubling of wages that platinum producers have said they can ill-afford. 

Talks, under the government mediator, resumed this week after they had collapsed three weeks ago because the union and companies – which also include Impala Platinum and Lonmin – were too far apart. 

Following the meeting held with AMCU on the March 26, CCMA mediators will meet again with the platinum producers on March 31.