Police opened fire with rubber bullets and tear-gas at striking platinum miners in scenes reminiscent of a few weeks ago.
The markets are growing increasingly concerned that Tuesday’s protests could escalate once more to the nation wide scale of violence seen earlier in the year. The South African Rand suffered from risk aversion whilst those earlier protests which saw the deaths of a number of police officers and the gunning down of 34 miners played out.
Tuesday’s protest is being held at Anglo American Platinum (Amplant) mines near the town of Rustenburg, 70 miles northwest of Johannesburg. The miners were due to go back to work following an offer by the company to re-employ 12,000 men sacked for downing tools several weeks ago. The company also offered one-off hardship payments of 2,000 rand t end a strike that has crippled production. A return to work on Tuesday was a key part of the deal being offered, a deal which the miners have opposed.
Months of unrest in the mining industry has had a deep impact on the South African economy with platinum and gold output being severely affected, threatening growth in Africa’s biggest economy. The Amplant miners are determined to hold out for the company to provide better terms than those already offered. The company’s rival, Lonmin offered its workers a 22% pay rise.
MacDonald Motsaathebe, who has been with Amplats for 12 years, said workers did not agree to the deal struck at the weekend between Amplats and unions including the National Union of Mineworkers.
“We didn’t agree to the offer. We want 16,000 rand. Lonmin miners got it, and we want it,” said the 35-year-old, whose salary supports nine people. “We earn peanuts.”
As of 11:00am
The Rand to Pound exchange rate is currently trading at 0.0718
The Rand to Euro exchange rate is currently trading at 0.0891
The Rand to US Dollar exchange rate is currently trading at 0.1153
The Pound to Rand exchange rate is currently trading at 13.9274
The Euro to Rand exchange rate is currently trading at 11.2264
The US Dollar to Rand exchange rate is currently trading at 8.6764
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