• Inside Labour

    Brexit should send warning signals to worker organisations everywhere, says Terry Bell.

  • Racial redress

    The next adult generation is at risk of being polarised on the basis of skin colour, says Solly Moeng.

  • To do list

    Keep separate lists to ensure your to-dos don't get cluttered and gain stress-free productivity, Ian Mann.

All data is delayed
Loading...
See More

Lonmin shares jump 9% on pay deal

Sep 19 2012 10:08
Reuters

Company Data

Lonmin plc [JSE:LON]

Last traded 37
Change 0
% Change 0
Cumulative volume 36736
Market cap 0

Last Updated: 01-07-2016 at 09:22. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Lonmin strikers accept pay offer

Jubilant miners say yes to pay deal

CCMA confirms: Lonmin strike over

CCMA makes headway in mine talks

Marikana miners lower salary demands

Lonmin offers return-to-work bonus

 

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.


* Follow Fin24 on TwitterFacebookGoogle+ and Pinterest.  

 
lonmin

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Labour’s call for a cap on salary of high earners is?

Previous results · Suggest a vote

Loading...