Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Sibanye-Stillwater (NYSE: SBGL) today announced it has concluded a three-year wage agreement with the National Union of Mineworkers (the NUM), Solidarity and UASA in respect of wages and conditions of service for the period of July 1, 2018 to June 30, 2021.
The agreement allows for increases to the basic wage of Category 4-8 surface and underground employees. Miners, artisans and officials will receive increases of 5.5% in year one and 5.5% or CPI in years two and three of the agreement.
In addition to the basic wage, the parties agreed to an increase in the current living-out allowance. The company has also agreed to increase incrementally the current minimum medical incapacity benefit. Sibanye-Stillwater currently employs over 32,000 people at its South Africa gold operations.
