Amcu calls off wage strike at Sibanye Gold

Cape Town - Sibanye Gold [JSE:SGL] has announced that it has entered into discussions with the Association of Mineworkers and Construction Union (Amcu) following threats by the union to shut down the mine over wage hikes.

Amcu said on Monday it would launch an indefinite strike from Wednesday and demanded higher wages.

The decision to strike followed a court ruling that the union could not protest a three-year wage agreement that the National Union of Mineworkers (NUM), Solidarity and the United Association of SA signed with Sibanye.

"Amcu has agreed to suspend any industrial action at Sibanye's operations, while engagement continues with Amcu and other representative unions," said Sibanye CEO Neal Froneman in a statement.

Sibanye reiterated that it is committed to ensuring that the interests of all stakeholders are considered and protected, and that the viability and sustainability of the business is maintained.

"We will continue to engage constructively with Amcu leadership in an attempt to ensure a favourable outcome for all stakeholders", said Froneman.

Sibanye’s share price traded up 2.95% at R55.80 from a previous close at R54.20.