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Five-Month Platinum Strike Ends in South Africa
Miners in South Africa have accepted a new wage offer to end a strike that affected 45% of the world's supply of platinum, a key ingredient in automotive catalytic converters.
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Miners in South Africa have accepted a new wage offer to end a strike that affected 45% of the world's supply of platinum, a key ingredient in automotive catalytic converters.
Mine operators and the Assn. of Mineworkers and Construction Union are scheduled to meet on Tuesday to finalize the three-year deal, which is retroactive to 2013. Workers are expected to return on Wednesday.
The strike by 70,000 workers began exactly five months ago. The AMCU had demanded that entry-level pay be tripled, but the union reportedly settled for a monthly increase of 1,000 rand (€69). Monthly increases for existing workers will climb by as much as 12,500 rand (€867), depending upon seniority, according to some reports.
Mining companies say the walkouts cut their earnings by 23.8 billion rand (€1.7 billion). Workers lost roughly half that amount in unpaid wages.
Analysts say the strike affected an estimated 1.1 million ounces, or 15% of worldwide platinum output. The walkouts also contributed to South Africa's first quarterly economic contraction in 13 years.
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