gold
Feature image credit: Wikimedia

JSE/NYSE-listed Sibanye-Stillwater states the strike action by AMCU at South African gold operations has continued today, 26 November 2018.

and attendance at the operations has improved relative to last week, but remains low.

The situation remained relatively stable over the weekend, with visible intimidation limited to the Beatrix operations in the Free State. Management is pleased to report that no significant violence was reported over the weekend.

Management will continue to engage with the unions in order to secure the Peace pact, which was discussed by the parties on Friday 23 November 2018.

On Wednesday, 14 November 2018, a three-year wage agreement was signed between Sibanye-Stillwater and the other representative unions; the National Union of Mineworkers (NUM), Solidarity and UASA.

Despite numerous attempts by Sibanye-Stillwater to reach a fair and reasonable outcome with AMCU representatives since the negotiations began in June, but despite having participated in the construct of the final offer, AMCU declined to accept the offer.

The average basic wages for category 4-8 employees have increased by more than 65% since Sibanye-Stillwater was unbundled from Gold Fields in 2013.

This is significantly above inflation and represents a very real improvement in the standard of living of employees.

The current wage agreement reached with NUM, Solidarity and UASA is again well in excess of inflation, but takes the longer term sustainability of the gold operations into consideration.

Sibanye-Stillwater currently employs approximately 32 200 people at its SA gold operations, with AMCU representing approximately 43% of employees in the bargaining unit.