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Miners ease up on Lonmin

Sep 18 2012 09:25 Reuters

Company Data

Lonmin plc [JSE:LON]

Last traded 51.30
Change -0.71
% Change -0.01
Cumulative volume 491593
Market cap 29.17bn

Last Updated: 24/04/2014 at 03:33. Prices are delayed by 15 minutes. Source: McGregor BFA

Anglo American Plat Ltd [JSE:AMS]

Last traded 510.50
Change 2.5
% Change 0.00
Cumulative volume 168879
Market cap 137.67bn

Last Updated: 24/04/2014 at 03:31. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Strikers at Lonmin’s Marikana mine have cut their basic wage demand to below R11 000 a month to try to end a six-week strike that halted platinum output at the world’s third-largest producer, a negotiator said on Tuesday.

The demand is still way above the offer on the table from Lonmin [JSE:LON].

The company, which is offering increases of between 9% and 21%, has said R12 500 would put thousands of jobs at risk and challenge the viability of the business. Basic pay for most underground workers is currently around R5 400.

A Lonmin official said talks between the various parties had extended to 3 a.m. on Tuesday. They are due to resume at 10:00 GMT.

“The demands came down to below R11 000,” Bishop Jo Seoka, who has been mediating in the talks between Lonmin and workers, said. “I’m very confident that something is going to happen today.”

The strike turned violent last month, culminating in police shooting 34 miners at a rocky outcrop at Marikana, 100 km northwest of Johannesburg. In all, 45 people have died in the Marikana unrest, which has spread beyond Lonmin to other platinum firms and other parts of the mining sector.

Anglo Platinum [JSE:AMS] (Amplats), the world’s top producer of the precious metal, said workers started trickling back to its Rustenburg mines on Tuesday after operations were suspended last week when machete-wielding strikers marched on shafts.

More details on shift worker attendance will be provided later on Tuesday.

South Africa is home to 80% of known reserves of platinum and is a major gold producer. Labour unrest this year has cost the industry R4.5bn in lost output, President Jacob Zuma said on Monday.

Fearing the strike’s growing impact on the economy and South Africa’s investment reputation, the government launched a crackdown at the weekend that has included deploying members of the armed forces. 



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lonmin  |  mining unrest
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