Mining Weekly reports that The world’s top platinum miners kicked off talks with South Africa’s unions on Tuesday in what is expected to be a tough round of wage talks, as a rise in profits is likely to provoke higher wage demands. Sibanye-Stillwater, which is set to meet the union this week, said the platinum price has remained depressed and that the current demand was not sustainable for the miners.
Amplats and Impala Platinum declined to comment on the negotiations. Negotiations may be tough, however, as higher prices for palladium and rhodium and a weaker rand currency have boosted profits at miners such as Amplats, Sibanye – now combined with Lonmin – and Implats after several years of losses. “Amplats will probably be under the most pressure as their earnings and share price have run the most this year of the bunch,” said Peter Major, an analyst and director of mining at Mergence Corporate Solutions.