Amcu: Once more into the fray against platinum miners
The gulf between the two sides promises to result in extremely tough wage talks that start in coming weeks
One clear point to come from Anglo American Platinum (https://www.sharenet.co.za/v3/quickshare.php?scode=AMS)’s interim results presentation is that there is a vast gulf between the demand and offer in the coming wage talks.
While Amplats, a leading source of platinum group metals, posted strong results, recording strong cash flows, a threefold increase in profit and a healthy cash holding, it has come through a very difficult time.
More than 15,000 jobs have been cut, mines sold and investments made in mechanising and improving its remaining mines to be able to survive prolonged low prices...