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Progress towards wage settlement in platinum strike

The five-month strike in South Africa’s platinum sector finally seems to be drawing to a close, as Amcu meets with its members today to discuss the latest wage offer tabled by platinum producers.

In a joint statement, Platinum producers Anglo American Platinum (Amplats), Impala Platinum (Implats) and Lonmin have advised that, following the ‘in principle’ agreement reached last week with the leadership of the Association of Mineworkers and Construction Union (Amcu), further progress towards a return to work has been made.

Amcu will hold a further mass meeting with its members today, 23 June 2014, and the companies expect to receive feedback from AMCU after the meeting has concluded.

Since the 70 000 workers demanding a R12 500 basic salary downed tools on January 23 2014, the platinum companies have forfeited earnings of around R23.1 billion, while employees have forfeited earnings of some R10.3 billion, making this the longest and costliest strike in South Africa’s history. About 40% of platinum’s global production has been affected, dragging South Africa’s economy towards a recession.

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