Shares in platinum miner Lonmin (LON) were down almost 7 percent on Tuesday morning on news that miners were striking at the group’s Rustenburg mine.
The company confirmed on Tuesday morning that the miners arrived for work but did not go underground. Although spokeswoman Sue Vey said the reason for the workers not going underground was unclear‚ tension between rival unions National Union of Mineworkers (NUM) and the Association of Mineworkers and Construction Union (Amcu) appear to be the reason behind the stoppage.
At 9.28am the stock was down 6.88 percent to R37.50.
The platinum sector has been under pressure in recent days following Amplats’ restructuring annoucement last Friday.