South African platinum miner Northam Platinum has lost R24-million in revenue because of a strike at its mine near Thabazimbi, which started on April 29, it said on Thursday.
The National Union of Mineworkers (NUM) was continuing an unprotected ”no work, no pay” strike at the mine, the company said in a statement.
Northam spokesperson Marion Brower said the company was losing a daily output of 1 100 ounces in PGMs (platinum group metals), and would have lost 3 300 ounces since the strike started by the end of business on Thursday. Tuesday was a public holiday.
Northam shares fell 0,9% to R56,50 against a 0,1% gain in the midcap index.
Northam said the strike was continuing in spite of broad acceptance by the union of management proposals tabled at a meeting between the parties on Wednesday.
A total of 5 500 employees were involved in the strike, related primarily to a demand by the NUM for the relocation of Northam’s CEO from the mine to the company’s corporate office in Johannesburg and the removal of two mine industrial relations department officials, the company said.
”The NUM and striking workers have been advised that the strike action is unprotected. They have been informed by management that the ”no work, no pay” rule will apply and that the company reserves its right to seek relief from the South African courts of law,” Northam said.
Union officials were not immediately available to comment. — Reuters