Chamber of Mines says half of members in 'loss making territory'
The Chamber of Mines said about half of its members were in loss-making territory as a result of weakening commodity prices, rapidly rising costs, falling productivity and regulatory issues. In a statement issued ahead of wage talks set to begin at South Africa's three largest platinum companies, the chamber warned against a repeat of the strikes that have characterised previous negotiations "given the country's and sector's current straitened economic circumstances." The chamber represents miners such as Anglo American , BHP Billiton and Glencore. The economy of Africa's most industrialised country is expected to grow by less than 1 percent this year after expanding 1.3 percent in 2015, hobbled by low commodity prices, drought and political ructions that have unnerved investors...
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