Amplats has agreed to new five-year wage deal

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About 163 000 workers in South Africa’s platinum industry has been pressing for a share of the record profits generated by a rally in metal prices.

ANGLO American Platinum, the world’s biggest platinum miner by market value, has agreed to a new five-year wage deal, according to the Association of Mineworkers and Construction Union.

The pivotal deal with the unit of Anglo-American Plc could be signed this week and would be effective from July, said Jeff Mphahlele, general secretary for AMCU. About 163 000 workers in South Africa’s platinum industry has been pressing for a share of the record profits generated by a rally in metal prices.

“The agreement has been reached in-principle and we are about to sign the offer with Anglo,” Mphahlele said by phone. “We are just dealing with the final wording of the agreement itself.”

Amplats is making “good progress with this year’s wage negotiations,” spokeswoman Nomonde Ndwalaza said. – Bloomberg

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