Johannesburg - Lonmin
[JSE:LON] the world's third-largest platinum producer, has finalized outstanding wage negotiations a week before Christmas.
The company said on Sunday that it had reached a wage agreement with the Chemical, Energy, Paper, Printing, Wood and Allied Workers Union (Ceppwawu).
This follows the company's announcement last week that it had concluded a deal with the National Union of Mineworkers (NUM).
According to the company, a one-year wage agreement was signed with the union which provides for an 8% across the board increase for union members at the Precious Metals Refinery, backdated to the beginning of October.
In addition, a two-year agreement has been reached with a joint bargaining forum representing all Marikana employees in job grades B to CU.
This two-year agreement entails increases of 6.5% to 8% effective from October this year.
These increases will apply for both years of the agreement, which represents the last of the negotiations.
Lonmin EVP Human Capital and External Affairs Barnard Mokwena said the company was pleased that these agreements were concluded before the Christmas break.