Bloomberg reports that according to the Association of Mineworkers and Construction Union (Amcu), Anglo American Platinum (Amplats) has agreed to a new five-year wage deal.

The pivotal deal with the subsidiary of Anglo American Plc could be signed this week and would be effective from July, said Jeff Mphahlele, Amcu general secretary. “The agreement has been reached in principle and we are about to sign the offer with Anglo. We are just dealing with the final wording of the agreement itself,” Mphahlele indicated. Amplats was making “good progress with this year’s wage negotiations,” spokeswoman Nomonde Ndwalaza said. According to Mphahlele, Amplats has agreed to give its workers a monthly increase of R1,100 in the first year of the deal, rising to R1,500 in the fifth year. Amcu has been holding joint negotiations with its former rival, the National Union of Mineworkers (NUM). Impala Platinum Holdings has also proposed a five-year wage deal and an agreement might be reached soon, Mphahlele said. Negotiations with Sibanye Stillwater’s South African platinum mines will start on 1 June, Mphahlele added.

• Read the full original of the report in the above regard by Felix Njini at Moneyweb

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