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Amcu: Miners must decide on new wage offer

Johannesburg - Amcu union leader Joseph Mathunjwa took a wage offer from the world's top three platinum producers to striking miners on Thursday but gave no clear recommendation on how to respond.

"It is your right to say no then say no. Say where you want things to change," Mathunjwa told the crowd of thousands of mine workers.

"That's why we brought it to you, this is your time, talk and tell us which way u want us to go," he added.

Around 70 000 miners have been on strike for five months at mines owned by Lonmin, Impala Platinum and Anglo American Platinum, demanding higher wages.

Platinum and palladium fell to session lows on Thursday, after the news from producers that they had reached "in principle" undertakings with the Association of Mineworkers and Construction Union (Amcu) to end a crippling five-month strike.

Palladium fell as much as 3.6% to $825.47 an ounce, well below a 13-1/2 year high of $862.50 hit on Wednesday, when the metal benefited from supply worries and strong demand.

Platinum dropped 2.3% to $1 442.20 an ounce.

Anglo American Platinum [JSE:AMS], Impala Platinum (Implats) [JSE:IMP] and Lonmin [JSE:LON] said they expected to receive feedback on the wage offer from Amcu on Friday.

Shares in Lonmin and Implats climbed on the news.

Lonmin, which stands to lose the most if talks fail to end the strike that has been running for nearly five months, was up 8.2% by 13:40.

Implats shares rose 2.6%. However, Amplats shares fell 0.4%.

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