South Africa strikers accept Amplats offer

Anglo, which this week raised cost estimates for its Minas-Rio project in Brazil and warned of lower profit from its South African iron ore unit Kumba, is scrutinising Amplats in a review widely expected to lead to shaft closures and job cuts that could stoke social tensions further.

Much of the platinum sector is battling with low demand though the price for the metal used for emissions-capping catalytic converters in cars has risen 13 percent this year mostly because of supply concerns stemming from the strikes in South Africa, home to 80 percent of known reserves.

BACK IN THE SHAFTS

Amplats spokeswoman Mpumi Sithole said the management and the labour leaders were scheduled to meet Thursday morning.

We have a feedback session with the strike committee. The offer that was presented will be signed this morning, she said.