Platinum shares firm after offer

23 April 2014 - 08:21 By TJ STRYDOM
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Johannesburg Stock Exchange.
Johannesburg Stock Exchange.
Image: MICHAEL BRATT

While mining executives and trade unions slugged it out in the boardroom in a bid to end the three-month-long platinum strike, investors helped themselves to the companies' shares.

Despite having suffered since the start of the strike, leading to combined losses of more than R14.2-billion by yesterday, all three mining companies closed the day firmer.

The Association of Mineworkers and Construction Union, which has taken more than 70000 workers on strike, is considering a new offer the companies made at the long weekend.

Anglo American Platinum, the largest producer, reached its highest share price in the past year even though its mines in Rustenburg, North West, have not dug up the precious metal since the end of January.

Compared to a year ago, the company's share price has climbed by some 53%. Its shares rose by 0.95% to R509.99 yesterday.

Impala Platinum was 1.14% stronger at R123.40, although the world's second-largest producer has not made the same gains since last year. Its shares were up by only 3% on a year ago.

Lonmin gained 0.81% yesterday and closed at R51.75 - more than 40% stronger than a year ago.

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