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South Africa's Lonmin miners return to work

Wednesday, September 19, 2012 - 02:21

Sept. 19 - Striking miners at Lonmin's Marikana mine accept a pay deal, but the country is still counting the cost and the outlook for the industry in South Africa remains fragile.

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Striking miners at long -- Americana mine in South Africa have accepted the management pay rise of 22 cents. They say their return to work on Thursday after six weeks of mining sector unrest. Relief full rounds but the country is still counting the cost of a crisis which left 44 minus -- and the economy damaged. In those six weeks South Africa's currency tumbled insurance against its debt traders and investors piled out of the lucrative industry. Questions hung over the long term viability of the precious metals industry and a return to work -- -- at the mall. Nick Collins is the CEO of gold fields as an African go. Old -- when asked to look also at the drop in productivity we've seen. On these south African gold -- as I've got deeper. And the great decline as well. The estimate increases that we've seen over the last three or four years and that together with additional. Carbon taxes royalties. You know there's a lot that's been imposed on the industry. Several other companies halted production as a result of the crisis a swift solution was vital for our country with a major chunk of the world's precious metals. Nick Brown from Natixis says mine and his Germany have little room -- -- At a price of 1400 dollars and -- The mining companies were badly covering their costs of production. From an investment in in you -- South Africa's president said the strikes have cost the country and a half a billion dollars. -- had lost as much as 37% of its share price since January and platinum prices have jumped over 20%. Ultimately the way in which platinum prices pushed idea is by reducing output. Either that is investments that don't take place in the future or that is shut down the current output. And this extremely painful process is what's playing out in South Africa the minute. Analysts say South Africa's problems could now emerge elsewhere. Chile's copper industry for one operates in a similar way. The agreements reached tea will reshape the industry at -- all -- -- -- -- -- --

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South Africa's Lonmin miners return to work

Wednesday, September 19, 2012 - 02:21