4th Feb 2014 11:34
LONDON (Alliance News) - South Africa's Mining Minister has announced that platinum miners strikes in the country are under control, according to the Wall Street Journal Tuesday.
"We have intervened," Minister of Mineral Resources Susan Shabangu said at the Indaba Mining Conference in Cape Town before noting that companies must do more to transform the unstable sector.
Shabangu said that as the government work to stabilise the industry, companies must contribute by taking part in a government programme to change the ownership of mining companies and to fund skill training.
Companies such as Shaft Sinkers Holdings PLC, Lonmin PLC and Anglo American Platinum Ltd, a subsidiary of mining giant Anglo American PLC have been hit by the miners strike over pay and conditions which started on January 23 by the Association of Mineworkers and Construction Union in South Africa.
Last week Lonmin warned that it will cut its sales volume guidance due to the strike action affecting its operations in South Africa and Shaft Sinkers said that its full year revenues and profits for 2014 could be hit if the strike action continues.
Shaft Sinkers shares were down 2.2% to 17.12 pence, Lonmin shares were up 0.6% to 302.50 pence and Anglo American shares were up 1.9% to 1,423.00, putting it in the top ten FTSE100 movers Tuesday.
http://online.wsj.com/news/articles/SB10001424052702303442704579362023843284340?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303442704579362023843284340.html
By Tom McIvor; [email protected]; @TomMcIvor1
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