Platinum miners strike three-year wage deals

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Supplied by Anglo-American.
Supplied by Anglo-American.

Anglo American Platinum [JSE:AMS], Impala Platinum and Sibanye announced a three-year wage deal with the National Union of Mineworkers, the Association of Metalworkers and Construction Union and Uasa.

Anglo American Platinum said the agreement would increase the total labour cost-to-company by 7.4% in year the first year, by 6.1% in year the second year and by 6.3% in the third year. This adds up to a 6.6% on average increase over the three years.

Amplat's agreement included an annual increase of R1,000 per month in basic salary pay, salary related allowances, pension contributions and an ex-gratia payment of R1,000 in July 2010 and R1,500 in July of 2021.

Anglo American Platinum CEO, Chris Griffith, said welcomed the agreement and the “collaborative and constructive engagements” that the company had with the unions throughout the process.

"We believe this agreement will ensure the business can remain sustainable through the typical platinum group metal price cycles, while our employees will benefit from meaningful pay and other increases," said Griffith.

On Friday at noon, the Anglo American Platinum share price dipped 1.65% to 117 519.

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Impala Platinum [JSE:IMP] said the agreement with AMCU was in line with current mining inflation of 7% and takes into consideration the reality of inflationary pressures on employees.

Sibanye [JSE:SGL] said its agreement increases the basic wage of category 4-9 surface and underground employees for both the Marikana and Rustenburg operations by R1,000 per month or 5% whichever is the higher in the first year, R1000 per month or 5% whichever is the higher in the second year and R1,000 per month or 5% whichever is the higher in the third year.

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