South Africa Violence escalating--Gold + PGES
34 Miners/Protesters were brutally gunned down and killed, by Police because of an ongoing strike for much higher pay in part pointing to their working conditions, Economy is very poor, and the divide between rich and poor is growing ...Thousands and thousands of Miners Protesters some with their families are still at said mine site, despite these killings, and further threats against them... These killings by Police are very unusual for South Africa , especially after Apartheid and the general population is starting to revolt, especially with the economy being so bad...unemployment is at a record.
South Africa is still a leading world producer of Gold, although most of these mines are mined out of their very rich/cheap Gold, and so what is left of the Gold is so DEEP below surface, and so close to the extremely HOT Mantle and to Molten magma , that expensive REFRIGIRATION is/has been absolutely necessary/required in order for men to work at this very deep and very HOT level...These DEEP levels in mines, also demand much more labor intensive work and thus the SA unions...
The real world problem, in my view ,will be in the supplies of PGEs, sine this is a PGE mine, coming out of SA...South Africa is by far the world’s LARGEST producer of PGEs, and has again by far, the Largest known PGEs reserves...Platinum prices have already starting to express/reflect on this start of crisis, just this week, climbing more than $80 so far...The strike thus far involves the PGESs mines/producers areas , however It is feared and predicted that these strikes will continue and spread to most all the Gold and other mining Regions...President Zuma to try and defuse some of the crisis and has ordered an inquiry, which the striking Unions have rejected, preferring an international/independent investigation...Mr. Zuma is certainly NO Nelson Mandela, and is having quite a few problems especially in his own ANC, particularly from the younger members, Julius Malema who demand more social changes/equality, and Nationalisation..
JULIUS MALEMA of the YOUNG ANC will speak/to support the striking miners, who are really the leaders/representatives of the entire South African working force in all areas...SO the outcome of this crisis is certainly crucial for the future outlook/stability of South Africa...I intend to keep a very close eye on this SA very important issue escalating and with no end in sight... South Africa escalating violence direct Impact on GOLD and PGEs . In a late development Lonmin, who owns and operrates said troubled mine, has issued an ultimatum, for all the workers to comeback tomorrow Monday, or else be fired...
PM Zuma on the other hand ,as the pressure and blame increasingly is pointing to him, has declared a national week of mourning starting today, in honor of the slain miners...
We have quite a divergence with Lonmin wanting workers back immediately and P.Zuma
Feeling the outcry called for a week of mourning..I don<t believe the workers will be back to work from their statements...Lomnin has lost substantial market value and appears will sustain even more losses..
Mellow
LET’S SEE WHAT HAPPENS..It is important for PMs, even if nothing else happens, the “unstable” country GENE has slipped out of the box, which should put underlying support for PGEs and Gold...