POTENTIAL PLATINUM CATASTROPHE
Impala Platinum (Implats) CEO Terence Goodlace spelt out the consequences of acceding to the demand of the Association of Mineworkers and Construction Union (AMCU) for a minimum basic wage of R12 500 a month. Merely implementing the R12 500-a-month pay demand would be “catastrophic”, Goodlace told last week’s results presentation, and would leave Implats with no alternative but to close the entire Impala Rustenburg mine, which would leave thousands without work. AMCU president Joseph Mathunjwa, who was in talks with Implats, Anglo American Platinum and Lonmin at the time of going to press, has been unyielding.
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