Union says wage deal reached with Anglo American Platinum (OTCMKTS:ANGPY)

Union says wage deal reached with Anglo American Platinum (OTCMKTS:ANGPY)

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Anglo American Platinum (OTCPK:ANGPY) agreed Tuesday to a new five-year labor contract with the Association of Mineworkers and Construction Union, Bloomberg reports.

AMCU said the deal, which impacts 163K workers in South Africa’s platinum industry, could be signed this week and would be effective from July.

Amplats (OTCPK:ANGPY) agreed to give its workers a monthly increase of 1,100 rand ($70) in the first year of the deal, rising to 1,500 rand in the fifth year, AMCU said.

The union also said Impala Platinum (OTCQX:IMPUY) also proposed a five-year wage deal and an agreement could be reached soon.

Negotiations will begin June 1 with Sibanye Stillwater’s (SBSW) South African platinum mines; some AMCU members have been on strike at Sibanye’s three gold mines since March 9.

Originally Posted on: https://seekingalpha.com/news/3842117-union-says-wage-deal-reached-with-anglo-american-platinum?source=feed_tag_commodities

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