South African Mining Output Drops

October 25th, 2012 by

Bloomberg’s Mike Cohen reports that South African mining interests have announced that the deadly strikes in mines across that nation has led to a $1.15 billion drop in production compared to last year. At least 80 people have died as police used automatic weapons and live ammo to counter machete-wielding protestors.

The strikes have mostly affected platinum production, which is down 15.3% from last year, but gold and coal mines were also affected by strikes and unrest. The loss of South African production has not outweighed other, downward pressures on precious metals, however, as gold recently hit a six-week low and platinum saw a four-day slide this week.

by David Peterson