Johannesburg - Platinum producer Lonmin [JSE:LON] opened
more than 9% higher in Johannesburg after striking miners at its Marikana mine
accepted pay rise offer of up to 22%, ending a six-week strike.
By 07:05 GMT, Lonmin's shares were up 9.03% at R94.32,
compared with a 0.48% rise in the All Share [JSE:J203] index, which hit a new
high.
The Commission for Conciliation, Mediation and Arbitration
(CCMA) confirmed the end of the Lonmin Marikana strike on Tuesday.
"Worker representatives informed us this evening that
agreement has been reached, and they have signed the agreement. They have
accepted Lonmin management's latest offer and will return to work on Thursday
20 September," said CCMA director Nerine Kahn, whose organisation
facilitated the negotiations.
The CCMA expressed its appreciation to all parties involved
in the Lonmin wage dispute for their contribution to developing a mutually
acceptable settlement.
"It was tough, but it was worth it," said Kahn
after receiving copies of the agreement.
"Among other things, the Lonmin agreement affirms the
importance of a structured approach to managing workplace disputes," she
said.
Lonmin also confirmed the news in a statement, and said the
company will update the market on the wider implications of the agreement,
including its financial impact in due course.
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