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"We call on government, labour and mining companies to work together to restore stability and prosperity to the industry," ANC national spokesperson Zizi Kodwa said in a statement.
The Association of Mineworkers and Construction Union (Amcu) on Tuesday afternoon signed agreements with Anglo Platinum (Amplats) [JSE:AMS], Impala Platinum (Implats) [JSE:IMP] and Lonmin [JSE:LON], bringing an end to the protracted strike in the sector.
President Jacob Zuma welcomed the resolution of the platinum mining sector strike on Tuesday.
"We welcome this positive development in the mining industry and congratulate all those who have been involved in the negotiations," Zuma said in a statement.
A long strike was no longer in the interests of the parties involved, nor in the interests of the country, Zuma said.
"We look forward to working with all stakeholders to implement the measures announced in the state-of-the-nation address last week to revitalise mining towns and restore labour stability in the sector."
Congress of SA Trade Unions (Cosatu) spokesperson Patrick Craven also welcomed the three-year wage deal.
"This increase is in line with what Cosatu believes is the minimum acceptable for mine workers toiling in unhealthy and dangerous conditions, and will continue the campaign for a statutory national minimum wage," he said in a statement.
Earnings should reflect workers' qualifications, skills and the danger of the job. The union federation condemned cases of violence and intimidation linked to the strike and called for the perpetrators to face justice.
The resolution of the strike was a step toward the realisation of "a living wage for all," the Workers' and Socialist Party (Wasp) said.
"This strike, inspired by the martyrs of Marikana, has been the most important since the 2012 mineworkers' strikes," Wasp said in a statement.
Forty-four people were killed during strike-related violence at Lonmin's platinum mining operations at Marikana, near Rustenburg in the North West in 2012.
Thirty-four of these, mostly striking mineworkers, were shot dead in a clash with police, who were apparently trying to disarm them, on August 16, 2012.
Earlier, Finance Minister Nhlanhla Nene said the mining sector had contracted around 25% in the first quarter of the financial year, about 19% of which could be attributed to the platinum strike.
"To this end, the news of a settlement is most welcome," he said in a speech prepared for delivery at a KPMG forum in Johannesburg.
"The ending of the strike in the platinum sector should have a positive impact on sentiment and ultimately economic growth," Nene said.
Economist at the University of the Witwatersrand, Kenneth Creamer, described the strike as a momentous event.
"The strike, together with the related deaths at Marikana, has entered South Africa's wider political consciousness and will be reflected in the country's history books for decades to come."
The strike brought intense financial hardship to affected mineworkers and their families, and had pushed the economy towards recession.
"The strike has exacted a very high cost on South Africa and much effort is required, at political and civil society levels, in order to regenerate an environment conducive to the higher levels of investment and growth that are required to stimulate sustained job creation," Creamer said.
