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 said on Friday that it had reached an agreement with both the National Union of Mineworkers (NUM) and United Association of South Africa (UASA) on wages and benefits at its platinum group metal operations.
“The company has presented an inflation linked, five-year offer comprising fixed average annual wage increases of 6% and above for bargaining unit employees for a three-year period, followed by CPI-linked agreements in years 4 and 5, as well as notable increases in benefits,” Sibanye said in a statement.
The company said this deal will result in meaningful gains for employees at its Rustenburg and Marikana operations.
The miner added that the third union, the Association of Mineworkers and Construction Union (AMCU), has declared a dispute, which has been referred to the Commission for Conciliation, Mediation and Arbitration (CCMA) for conciliation.
(By Anait Miridzhanian; Editing by James Macharia Chege)
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