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.
Two South African trade unions have signed a three-year wage agreement with miner Sibanye Stillwater on June 11, one of the unions said on Sunday, removing the last hurdle to restarting operations at its gold mines in the country.
The unions – National Union of Mineworkers (NUM) and Association of Mineworkers and Construction Union (AMCU) – had agreed on a wage deal with the company on June 3 after almost three months of strike action, but did not sign an agreement as some finer aspects of the deal were still being negotiated.
Sibanye, which also mines platinum group metals in South Africa and the United States, had said on Friday that certain terms in the draft agreement had not been agreed by the parties and as a result they were not allowed to return to work.
Sibanye had locked out its employees from its gold operations since the time the strike began in early March.
“The wage agreement, signed late early hours of Saturday morning, ends a three month strike first called by the NUM and AMCU on March 8,” NUM said in a statement.
Sibanye did not immediately respond to an email seeking comment.
(By Promit Mukherjee; Editing by Louise Heavens)
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