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I disagree Rastuss - Uncle Joe definitely seems stupid enough to consider Lonmin being part of Sibanye but its not yet. LMI is still considered a British business as it's registered office is in London.If the AMCU workers continued to strike they could be sacked... The only place Uncle Joe is going to lead anyone is up the garden path. I wouldn't be surprised if the AMCU membership dwindles soon as I am sure some of them would prefer to be in work rather than out of it for good. LMI have also said that they are going to delay redundancies so AMCU would be best served supporting an independent future for LMI for all stakeholders rather than trying to destroy it. Judging by his comments he is stuck in the past. The world has moved on and he would be best advised to do the same.
I see that Robert at Bluecrest has reduced his short as of yesterday. It looks as though he thinks LMI are going to go up now.
ABSA which own 4.5% of LMI is short 4.5% too. This is rather questionable wouldn't you say?
Don't worry Rastuss the wording is a little ambiguous.
My concern was with the strike at Lonmin. If it considered unprotected and unlawful then LMI can sack the workers. I am sure AMCU will recommend its workers to get back to work after the seven day strike.
I see this exercise as posturing by AMCU by putting pressure on the other platinum miners to persuade Jabba to give into Uncle Joe's demands. Jabba is not going to give in though is he... After all he has PGM production outside S.A. That wasn't a bad move by Jabba was it? Its not a bad card to have up your sleeve.
Until the labour court rules in SBGL's favour the secondary strike is legal, so sooner they do the better. Uncle Joe mentioned going the Labour court tomorrow so we will see what he is upto, more delay I suspect! He did concede during interview AMCU not main union! Due to intimidation of his members to change sides, I may have picked this up wrong! Unless Govt intervenes, which they won't, as that is what Uncle Joe wants anything to escalate the situation, he wants revolution!
I don't trust the bent analysts and journalists.
I dont trust the AMCU as well as the lonmin board!
Its interesting that joe threatened the SA pt mine strikes at SS opps on the 23rd jan and they are only getting round to that now? jabba caused it with the retrenchment RNS....tit for tat does not work as i well know living in northern Ireland!
Don't worry about it Ta.
If the AMCU workers don't turn up for work without good reason they will be sacked and replaced with people who do want to work. How the hell can this so called strike be legal...
With regards to that clip it is old news and has been out since Tuesday. Note the LMI price went up on Tuesday and yesterday...
That the reason or course they are commie comrades....are you in SA?
Watched the clip and it is very clear this is a political strike to garner support for the EFF, the language used is straight from their manifesto. He did say all places where AMCU majority of members. If the Labour court rules either way it may force a resolution otherwise this could go on for months!
Is that the limit for it to be legal?
Sorry 100 it does! Its all a bit blood confusing TBH!
Does it?
R4700 of costs per PGM onz?
Costs is labour so with no wok no pay 70% of staff (AMCU) do not get paid but production falls 70%....labour costs out weigh profits...but with the other 30% of staff working and the rise in PGM,s cover this?
Hard to call
It clearly states in the Lonmin RNS that the strike will commence on the 28th February until the 7th March. That is one week is it not...
They have as you rightly commented Rastuss given one week notice as its the 21st Feb today.
Ruffer and weiss still buying
Agree and it will not be joe
Its not a one week strike mate the strike starts in 1 week!
Well it looks as though they are striking at Amplats too...
With respect Rastuss you have been saying that LMI will go under for years. A one week strike isn't going to bankrupt Lonmin is it? It is best to look at the real facts like the rising PGM basket price and the depreciating Rand. If AMCU have this sympathy strike they will have to have it all platinum mines including your beloved Amplats otherwise this strike no longer becomes a lawful sympathy strike. The only party in relation to all this whom might become bankrupt are AMCU if they choose this ludicrous path.
Lonmin do not need another takeover or indeed the current takeover for that matter. The market doesn't seem to bothered by today's news. I have my suspicions with regards to the shenanigans that is going on. With regards to SGL you may find the hunters become the hunted...
I just don't buy this... Lonmin has been played. Interesting to note the recent trade volumes increasing of late. Certain posters have been saying for ages that Lonmin has no future. Some clearly think so if the buying volume is anything to go by. It seems that someone wants to halt the upward rise in the LMI share price. Now if AMCU didn't want the takeover to proceed why are they doing this? If anything they are playing into SGL's hand wouldn't you say?
Whatamess - That's the type of question that Lonmin's legal counsel will be addressing with AMCU. This situation is very embarrassing for S.A to say the least. Lonmin is still considered a British company as it's registered office is in London. The action here is very transparent and if the S.A govt want to stamp out corruption this would be a good place to start...
It would help...LMI is the reason imv
Amcu’s 2014 strike resulted in up to 16 000 job losses at Lonmin alone, and it is the main reason why this company is now on its knees
Lonmin CEO needs to start those retrenchments promised NOW! the AMCU are biting the hand that feeds them