David McKay writes that there is a risk Northam Platinum won't produce any more platinum this year if it fails to broker an eleventh hour wage deal with the National Union of Mineworkers (NUM). The outcome then would be a revenue loss of between R600m and R700m. McKay says there are attempts to resume negotiations through the CCMA, either later this working week, or over the weekend, and perhaps something will come of that. If there isn’t a meeting, it is likely that the 10-day mourning period for Nelson Mandela, will morph into the year-end break. Even if there is a meeting of minds on wage increases between the parties, it will be difficult to orchestrate a meaningful return to work after 16 December. The upshot will be a potential eight-week downtime at Northam. McKay comments that perhaps one can also recognise in this why Northam shareholders were reticent to follow their rights in the recent R600m clawback, with only 44% being buyers and the rest happy for dilution.