South African Platinum mine strike has been in full effect as of January 2014 and it is with this blog that I share with you the latest update regarding this unfortunate scenario.
Many were hoping that it would end soon and amicable, but to date, we find ourselves in week 7 of the Platinum mine strike, which still sees mine union workers asking for an increase of up to R12,500 (mine workers earnings are estimated at R5,300 per month).
No agreement has been reached, even though companies involved have put forward an increase percentage of between 7.5% – 9%. AMCU have not budged. The companies involved have stated on numerous occasions that they, at this point, cannot afford to sustain and maintain an increase of that note as they have needed to factor in increases in the Platinum Mine Industry should this strike end and with that, they have taken into account that these Platinum mine industry prices will increase with production, as with each year.
With the strike being in its 7th week the South African economy has certainly felt the impact and it seems as though it will take the South African Platinum Mine Industry some time to recover should this strike end within the foreseeable future. With the National Elections soon approaching we all hope that an amicable and reasonable decision can be made.
Due to the Platinum mine strike, it has been estimated that employees have lost, on average, earnings to the equivalent of R3.4 billion and that the companies involved have lost an equivalent of R7.7 billion in revenue.
How do you think the mine is going to end? When do you think it will even come to an end? I would love to know your thoughts on this 🙂
For an updated tally on the above figures both by the employees and the platinum mine companies, click here