- Write by:
-
Friday, June 3, 2022 - 15:41:37
-
659 Visit
-
Print
Mining News Pro - Sibanye Stillwater Ltd.’s biggest mining unions agreed to a wage deal that will end nearly 90 days of a workers’ strike at its three gold mines.
Sibanye and the Association of Mineworkers and Construction Union and the National Union of Mineworkers, or NUM will probably sign the three-year agreement next week, according to James Wellsted, the spokesman for the Johannesburg-based precious metals producer. The pay deal that the workers agreed to, is linked to inflation and “that’s what we have always wanted to achieve,” Wellsted said.
Sibanye is among South African mining companies squeezing profits from some of the world’s deepest and costly gold mining shafts. Its gold mines, which produced about 892,000 ounces last year, contributed about 6% to the company’s earnings.
About 31,000 workers at South Africa’s biggest mining employer, have been on strike since March 10 demanding higher wages. As the strike dragged on, Sibanye’s first-quarter gold output plunged 45% to about 137,000 ounces from the same period a year earlier. The company had to suspend output guidance for its operations.
In 2019, the company’s gold mines were also hit by a five-month strike by AMCU over wages.
The workers eventually accepted the wage offer after talks that started last year and nation’s Commission for Conciliation, Mediation and Arbitration stepped in to broker a deal, Livhuwani Mammburu, spokesman for NUM said.
Sibanye is set to give its lowest paid workers a monthly increase of 1,000 rand ($64) in the first year of the deal, 900 rand in the second and 750 rand in the third, Mammburu said. Those in the higher-earning category will get increases of 5% in the first 12 months, 5.5% in the next and 5% in the third period. The unions had demanded an increase of 1,000 rand in all of the three years.
The lowest paid workers would also be given a 3,000 rand “one-off hardship allowance”, Sibanye said in a statement. The wage deal is backdated to July 2021.
“It’s not what the unions wanted,” Mammburu said by phone. “But the negotiations were extremely tough.”
Short Link:
https://www.miningnews.ir/En/News/621443
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
M23 rebels in eastern Democratic Republic of Congo have taken control of Rubaya, a key mining town for the smartphone ...
No comments have been posted yet ...