The world's largest platinum producers Anglo American Platinum, Sibanye Stillwater and Impala Platinum have declared force majeure on contracts after a three-week national lockdown has forced operations to close.
JOHANNESBURG/LONDON - The world’s largest platinum producers Anglo American Platinum, Sibanye Stillwater and Impala Platinum have declared force majeure on contracts after a three-week national lockdown has forced operations to close.
The measure triggered a downgrade by ratings agency Moody’s on Friday and will hit the country’s mining industry, which accounts for about 7% of GDP. The clause of force majeure, loosely translated as superior force, allows certain terms of an otherwise legally binding agreement to be ignored because of unavoidable circumstances.
Sibanye’s peer Implats also declared force majeure on all of its contracts on Friday, a source with direct knowledge of the matter said on condition of anonymity. The miner, which is a unit of the global miner Anglo American, mainly operates mechanised mines in South Africa, where the majority of operations are labour-intensive and have deep shafts.
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