Impatient communities’ protests put more pressure on platinum producers
More platinum wealth lies beneath South African soil than anywhere else on Earth, and for decades the companies that extracted the precious metal promised to help improve the lives of the impoverished people who live above their mines. Those communities are getting tired of waiting. Demonstrations by residents around mines have disrupted operations run by producers including Impala Platinum, Lonmin and African Rainbow Minerals (ARM). The protesters demanded jobs and money, saying that investments outside of the mines have not been enough. In May, a bus that ferries Lonmin workers was torched, forcing the company to halt operations at two shafts. While SA’s mining industry is no stranger to social unrest, the latest clashes are heaping more pressure on a business already squeezed by prices that are about half what they were in 2010. Companies say they support local economic development but have limited scope to hire and invest until profits improve. SA produces about 70% of the world...
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