As strikes in the platinum sector of the South African mining industry continue, the market for the precious metal with industrial uses is expected to be in deficit for 2012 and the next few years.

Labour relations in South Africa’s mining industry are set for radical change if statements made over the past few days by the new president of the Chamber of Mines are anything to go by. And that’s well before the Marikana Commission of Inquiry currently underway will make its findings and recommendations known next year.

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The board of platinum miner Lonmin, which is recovering from a six-week strike at its flagship Marikana mine, has reported an operating loss of $702 million for the year ended September. It has also revealed it has rejected a reverse takeover proposed by its largest shareholder Xstrata, which would have increased the latter’s shareholding from 25% to 70% or more.

According to Reuters, which said the strike committee, an entity without specific union affiliations but which had been handling negotiations at certain Amplats operations "are happy with the revised offer" made this week.