Business Report writes that as Sibanye-Stillwater's takeover of Lonmin cleared the final regulatory hurdle on Friday, the platinum producer and its peers now face the challenge of wage negotiations.
Lonmin was at the heart of a five-month unprotected strike in 2012 that saw more than 44 people killed in violent clashes in Marikana. The Association of Mineworkers and Construction Union (Amcu), whose legal bid to prevent the merger suffered a major blow last month when the Competition Appeal Court dismissed its appeal, claimed on Friday that it would have the upper hand in the upcoming wage talks. Jimmy Gama, Amcu’s national treasurer, said that the union was finalising its wage demands ahead of the upcoming platinum wage talks. “The wage talks are due in two weeks’ time. You need to understand that the gold and platinum sectors are different. They operate differently. We have the upper hand in the platinum belt, because we have the majority. In the gold sector, we are a marginal union; we do not have the majority,” said Gama. In April, Amcu abandoned a five-month strike at Sibanye-Stillwater’s gold operations. Business Report comments that it will be difficult for platinum producers to plead poverty in the wage talks, as they have been boosted by record palladium and rhodium prices and the weak rand. After bleeding cash for a decade and closing several shafts, the rally in palladium and rhodium prices has helped Impala Platinum, Anglo American Platinum, Lonmin, Sibanye-Stillwater and Northam Platinum to rake in profits.
- Read the full original of Dineo Faku’s report in the above regard at Business Report
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