The Rand is under pressure today after at least five workers were shot by security forces. The shootings took place at an Anglo American Platinum mine in Rustenburg, the site that saw violent clashes last year.
South African Police spokesman Thulani Ngubane told Reuters that the standoff was allegedly between rival unions National Union of Mineworkers and the Association for Mineworkers and Construction Union.
“They are fighting for occupancy of the union offices,” Ngabane said. He said the number of casualties was unknown but the injured had been rushed to a mine hospital. A local television news station has reported that one worker died of his wounds.
Anglo American Platinum, otherwise known as Amplants enraged workers last year when it said that it planned to mothball two South African mines and close another which would have caused 14,000 people to lose their jobs. Violent strikes rocked the region last year and has seen several pitch battles being fought between rival union groups.
As a result of the latest violence the Rand has weakened against the US Dollar and Amplants shares have fallen by 5%.
South Africa has been struggling o overcome its labour issues that have dogged the country’s economy. Last year up to 30 striking miners were shot dead by police after a number of officers were murdered by miners. Confidence in the South African economy remains weak and today’s latest incident will do little to calm nerves.
Current ZAR Exchange Rates
The South African Rand to Euro exchange rate is currently trading at 0.0843
The South African Rand to US Dollar exchange rate is currently trading at 0.1127
The South African Rand to Pound Sterling exchange rate is currently trading at 0.0728
The South African Rand to Australian Dollar exchange rate is currently trading at 0.1093
The South African Rand to New Zealand Dollar exchange rate is currently trading at 0.1333
The South African Rand to Canadian Dollar exchange rate is currently trading at 0.1135
The South African Rand to Emirati Dirham exchange rate is currently trading at 0.4139
The South African Rand to Swiss Franc is currently trading at 0.1039
The South African Rand to Japanese Yen is currently trading at 10.5803
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