Impala Platinum

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Impala Platinum Holdings Limited
Traded as
Industry Platinum
Headquarters Johannesburg, South Africa
Revenue R26.121 billion ZAR
Number of employees

Impala Platinum Holdings Limited (Implats) is in the business of mining, refining and marketing of platinum group metals (PGMs), as well as nickel, copper and cobalt.[1] In the 2009 financial year, Implats produced 1.7Moz of platinum (approximately 25% of global supply) and 3.4Moz of PGMs.[2] The group employs approximately 53,000 people (including contractors) across its operations and is one of the most efficient and lowest cost primary platinum producers in the world.[2] The company is listed on the Johannesburg Stock Exchange and the LSE.[2]

In March 2011, the government of Zimbabwe implemented laws which required local ownership of mining companies; following this news, there were falls in the share prices of companies with mines in Zimbabwe, including Implats.[3]

In late January 2014 thousands of employees belonging to Impala Platinum and other platinum mines in South Africa went on strike, demanding a basic salary of R12,500 ($1,180). This is the same salary for which striking miners were shot and killed by the South African Police Service (SAPS) in 2012. Most of the miners belonged to the miners' union 'AMCU' which South African politician and Commander in Chief of the Economic Freedom Fighters had vowed to sponsor in order to allow the miners to continue striking. The platinum miners were mainly based in Marikana, the town in which Malema jump started his political party and gained popularity with most of the miners.

It is estimated that the miners lost a minimum R10 billion in salaries due to their strike which lasted more than five months. Striking miners attacked other miners that were 'caught' going to work, accusing them of "betraying the revolution".

The strike, the longest in the history of South Africa, ended in late June 2014 when the mineworkers union signed a 3-year settlement deal with Impala Platinum and the other platinum mine owners which saw the lowest paid workers, whose basic salary was less than R12,500, increased by R1,000 ($95) a month for two years, and by R950 per month in the third year. The agreement also ensured no platinum worker would earn less than R8,000 as a basic salary.[4]

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