Platinum Price Rises Following Mine Violence

The price of platinum hit a two-month high on Aug. 20, in what many analysts saw as a response to the violence at a South African platinum mine.

At press time, the metal was trading at $1,488 an ounce, its highest level since June.  It also closed the gap with gold. At press time, the yellow metal was trading at $1,620 an ounce.

More than 40 people were reportedly killed following a strike at Lonmin’s Marikana mine, during violence that pit strikers against police and workers from other unions.

On Aug. 20, the London miner announced that operations were re-starting at the mine, and issued an ultimatum to the 3,000 strikers to get back to work or face termination. It also announced that it would pay education costs for children whose parents were killed during the violence.