Amplats rises after declaring force majeure

Published Apr 2, 2014

Share

Johannesburg - Shares of Anglo American Platinum rise nearly 3 percent after the strike-hit mining firm declared a force majeure late on Tuesday that temporarily relieves it of financial obligations to suppliers.

“They don't have to pay their costs immediately, but they can still continue to collect revenue as they have been,” said Lavan Gopaul, chief investment officer at Trademar Futures.

Tens of thousands of Association of Mineworkers and Construction Union members downed tools almost 10 weeks ago at Amplats and rivals Impala Platinum and Lonmin over wages.

Amplats shares are up 2.9 percent at 504.47 rand, outpacing the Top 40 index at 0.66 percent. - Reuters

Related Topics: