South Africa Platinum Union, Mines Sign Wage Deal But Job Cuts Loom
The world’s three biggest platinum firms signed a wage deal with South Africa’s AMCU union on Tuesday but said that fallout from a five-month strike made job cuts and restructuring inevitable, setting the scene for more labor turmoil in the sector. ASSOCIATION OF MINEWORKERS AND CONSTRUCTION UNION (AMCU) LEADER, JOSEPH MATHUNJWA:The three-year agreement with Anglo American Platinum, Impala Platinum and Lonmin ended South Africa’s longest and costliest strike. The union’s 70,000 striking members will return to work on Wednesday. Lonmin, the smallest of the three producers, said restructuring was “inevitable” to ensure its business remained afloat, especially while industrial demand for platinum in vehicle catalytic converters remained subdued.
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