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Notes on contributors
Andrew Bowman is a postdoctoral research fellow at the Society, Work and Development Institute, University of the Witwatersrand.
Gilad Isaacs is a researcher and project coordinator at CSID, School of Economics and Business Science at the University of the Witwatersrand in Johannesburg, South Africa. He is also a PhD candidate at SOAS, University of London in the UK.
Disclosure statement
No potential conflict of interest was reported by the authors.
Notes
1. The companies used in the aggregate were not disclosed.
2. The longest period for which full annual accounts were available online for all three companies.
3. Inflation adjustment uses the Producer Price Index for Mining and Quarrying, sourced from the OECD.
4. Unless otherwise stated, data are drawn from annual, interim and production reports of Anglo American (Citation2013, Citation2014b, Citation2014c), Implats (Citation2013, Citation2014a, Citation2014b, Citation2014c, Citation2014d) and Lonmin Plc (Citation2013, Citation2014). Amplats’ financial year-end is 31 December, Implats’ 30 June and Lonmin's 30 September. It is therefore not possible to use a consistent time period when comparing the impact of the strike across the three companies. Lonmin's 2014 annual report was unavailable at the time of writing. The briefing uses full-year annual report data for Implats, figures from the January to June interim report and company estimates from the third quarter production report for Amplats, and estimates from production and analyst reports for Lonmin.
5. While Amplats and Implats report PGM inventories in koz, Lonmin only gives figures in US$. All of Lonmin's financial reports are stated in US$. In and they are converted to 2013 rands.
6. Equivalent refined production refers to ‘[m]ines’ production and purchases of metal in concentrate, secondary metals and other metals converted to equivalent refined production using Amplats’ standard smelting and refining recoveries’ (Anglo American Citation2014b, 1). Amplats’ reduced production also takes account of the 2013 consolidation of the Rustenburg and Union mines (Thomson Reuters Citation2014).
7. Inflation estimates for 2014, 2015 and 2016 are taken from the South African Reserve Bank (SARB Citation2014).