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South African platinum producers report possible deal with striking union

Three platinum-mining companies operating in South Africa say they have reached an agreement "in principle" with a miners' union that went on strike for higher wages in January.

A statement from the platinum producers said Thursday that leaders of the Association of Mineworkers and Construction Union will consult with its members on the proposed deal. The producers say they expect feedback from the union on Friday.

The mining companies are Lonmin, Impala Platinum and Anglo American Platinum. They estimate the strike has cost them about $2 billion in revenue.

South Africa is a major producer of platinum, which is used in medical, electronic and other industries.