Amcu says the wage agreement has been agreed with Anglo Platinum

Anglo-American Platinum, the world’s largest platinum mine by market value, has agreed to a new five-year wage agreement, according to the Association of Mineworkers and Construction Unions.

The original agreement with the Anglo-American Plc unit could be signed this week and would take effect in July, said Jeff Mfahlele, Amcu’s general secretary. Around 163,000 workers in South Africa’s platinum industry are pushing for a share of the record profits generated by a rally in metal prices.

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“The agreement has been reached in principle and we are going to sign the offer with Anglo,” Emphale said by phone. “We are only dealing with the final word of the agreement.”

Amplats “is making good progress with this year’s wage negotiations,” said spokesman Nomande Endwalaza.

The Platinum Wage Agreement was settled fairly smoothly during the recent round of negotiations, leading to South Africa’s longest strike in the Amcu industry in 2014.

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In the first year of the contract, Amplates agreed to give its employees a monthly increase of R1 100 ($ 70), which was raised to R1 500 in the fifth year, Mphahlele said. Amcu is holding joint talks with its former rival, the National Union of Mineworkers.

South Africa is the world’s top producer of platinum and rhodium and also the largest palladium producer after Russia. Metals are the key to controlling toxic substances from vehicle emissions.

Impala Platinum Holdings has also proposed a five-year wage deal and an agreement could be reached soon, he said.

Talks with Steelwater’s South African platinum mine in Siban will begin June 1, Mfahlel added. Some members of Amcu have been on wage strike since March 10 at three gold mines in Siban.

© 2022 Bloomberg

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