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South Africa's busiest ports hobbled by strike

10/12/2022 | 02:17pm EST

STORY: Transnet, which manages South Africa's freight rail network and ports, declared force majeure last week after its workers went on strike over a wage dispute at the port, one of the busiest on the continent.

In an update on its website, Transnet Port Terminals said the strike had impacted waterside and landside operations at its Durban port, which handles 65% of South Africa's container volumes.

The strike could also disrupt fruit exports from Transnet's Cape Town port just as the deciduous fruit season begins.

The Transnet strike is also set to worsen the mining industry's logistics woes.

Even before the strike, South Africa's Minerals Council had projected a revenue loss of 50 billion rand ($2.76 billion) this year, compared to 35 billion rand in 2021, as Transnet's underperformance throttles exports.

Miners Thungela Resources, Kumba Iron Ore and Jupiter Mines have warned that the strike is likely to impact coal, iron ore and manganese production and exports.

Transnet has said it will meet union leaders on Wednesday to continue wage negotiations.


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.09% 1867.05 Delayed Quote.2.27%
JUPITER MINES LIMITED 0.00% 0.23 Delayed Quote.4.55%
KUMBA IRON ORE LIMITED -5.21% 514.1 End-of-day quote.4.43%
S&P GSCI GOLD INDEX 0.15% 1094.26 Real-time Quote.2.76%
SILVER -0.05% 22.25 Delayed Quote.-6.73%
THUNGELA RESOURCES LIMITED 2.01% 228.84 End-of-day quote.-20.17%
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