South African mid-tier platinum group metal (PGM) producer Northam Platinum said that drilling operations at its Zondereinde mine resumed Tuesday morning (April 23) following an agreement between the company management and the striking National Union of Mineworkers (NUM). The Zondereinde mine was hit by an unlawful work stoppage, which started on April 2. Under the deal, workers will receive a one-off payment equal to 50% of their basic salary for the duration of the strike and an additional payment of ZAR 2,000.
Northam said it lost output of 16,000 ounces of metal in concentrate (3PGM+Au) valued at about ZAR 192mn (EUR 16mn) due to the strike.
On its half-year report in February, Northam said that its Zondereinde mine had experienced a sustained operational recovery during the six months to end-December 2012, as it was not affected by the widespread illegal strikes, which plagued the industry last year.
Northam wholly owns and operates the Zondereinde platinum mine and metallurgical complex on the upper end of the western limb of the South African Bushveld Complex, which produces some 300,000 ounces annually. Its second mine Booysendal, is at an advanced stage of development and construction, and is scheduled to be commissioned by mid-2013. It is expected to produce approximately 160,000 ounces annually.
Related Articles
Ghana advances talks to acquire Springfield’s WCTP2 stake to unlock stalled deepwater development
Ghana is holding advanced negotiations to acquire Springfield Exploration and Production’s stake in the West Cape Three Points Block 2 (WCTP2), according to Joy News, in what officials describe as ... more
South Africa and EU sign critical-minerals pact as Brussels announces €350mn in infrastructure support
South Africa and the European Union signed a major critical minerals partnership at a high-level trilateral summit in Pretoria on November 20, with President Cyril Ramaphosa, European Commission ... more
ExxonMobil lifts force majeure on $30bn Rovuma LNG in Mozambique as security outlook improves
ExxonMobil (NYSE:XOM) has lifted force majeure on the long-delayed Rovuma LNG project in Mozambique, paving the way for work to resume and pushing the $30bn development significantly closer to a ... more
Most Read
-
India’s smart metering push gains momentum
4 months ago
-
US expands oil sanctions on Russia
26 days ago
-
India’s smart metering push gains momentum
4 months ago