South African Economy, Global Metal Markets Could Take Months To Recover From Historic Mining Strike

A historic mining strike has crippled the South African economy and is finally starting to affect global precious metal prices as producer stockpiles dwindle. Workers at three companies responsible for about 40 percent of the world's supply of platinum have been striking for five months, the longest action of its kind. When the South African courts first granted the union rights to strike, the platinum price fell to $1,380, but markets still haven't totally reacted to the high risk.