Johannesburg - Impala Platinum Holdings [JSE:IMP], the
world's second-largest producer of the precious metal, said on Monday it has
reached a two-year wage deal with the National Union of Mineworkers (Num),
averting a possible a strike at the miner.
Implats said the agreement was for increases of between 8.5%
to 10% for the first year, and 8% and 10% for the second year, depending on
worker category.
The company said the deal also applied to its operating subsidiaries Impala Platinum and Marula Platinum.
Num had asked for 14% increases across the board.
The agreement is in line with wage settlements in South Africa’s
mining industries, including gold and coal, which have largely been in the 8%
to 10% range this year, or close to double the inflation rate.
Implats produces about 1.8 million ounces of platinum a year
or over a quarter of the global supply and so markets keenly monitor any
disruption to its operations.
Num is still engaged in wage talks with Northam Platinum [JSE:NHM].
Implats' bigger rival Anglo Platinum [JSE:AMS] made a similar settlement with the union last month.