Strike called off at Sibanye-Stillwater mines after wage boost accepted (NYSE:SBSW)

Strike called off at Sibanye-Stillwater mines after wage boost accepted (NYSE:SBSW)

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The strike at Sibanye Stillwater’s (NYSE:SBSW) South African gold mines was called off on Friday after unions were mandated by employees to resume work, MiningMX.com reports.

The news followed mediation in which the miner reportedly agreed to pay an average 6.3% increase in wages over three years.

A coalition of the AMCU and the NUM had met with members in Pretoria to seek a mandate for ending the strike which has affected ~31K employees.

Sibanye (SBSW) said an agreement still must be formally concluded with the leaders of NUM and AMCU to be binding, adding a final deal would be extended to all employees including members of the UASA and Solidarity unions.

The company’s Driefontein, Kloof and Beatrix gold mines produced 892K oz. last year, up 10% Y/Y.

The strike at Sibanye’s (SBSW) South African operations began on March 9.

Originally Posted on: https://seekingalpha.com/news/3845583-strike-called-off-at-sibanye-stillwater-mines-after-wage-boost-accepted?source=feed_tag_commodities
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