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November 18, 2019

South Africa’s platinum miners agree on wage deal with AMCU

South Africa’s platinum mining union Association of Mineworkers and Construction Union (AMCU) has signed three-year wage hike agreements with Anglo American Platinum (Amplats), Impala Platinum (Implats), and Sibanye-Stillwater.

South Africa’s platinum mining union Association of Mineworkers and Construction Union (AMCU) has signed three-year wage hike agreements with Anglo American Platinum (Amplats), Impala Platinum (Implats), and Sibanye-Stillwater.

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The announcement comes after months of negotiations over pay for the workers of the platinum group metals (PGMs) miners.

In a press statement, Amplats noted that its wage agreement included an increase of R1,000 ($67.8) a month in basic pay for three years, or 5.5%, whichever is greatest, for each year of the agreement.

In addition to the increase in basic pay, Amplats employees will also receive an ex-gratia payment of R1,000 ($67.8) in July 2020 and R1,500 ($101.8) in July the following year.

Amplats CEO Chris Griffith said: “We believe this agreement will ensure the business can remain sustainable through the typical PGM price cycles, while our employees will benefit from meaningful pay and other increases.”

Meanwhile, Implats’ operating subsidiaries, Impala Platinum Rustenburg operations and Marula Platinum, agreed to a wage deal that assures employees of increases to all major components of remuneration for the next three years, including basic salaries, medical aid and pension fund contributions.

Implats said in a statement: “The agreement is in line with current mining inflation of c.7% and takes into consideration the reality of inflationary pressures faced by our employees.

“The agreement removes substantial uncertainty for our employees and allows a singular focus on the pursuit of safe and sustainable production.”

Precious metals producer Sibanye agreed to increases to the basic wage of Category 4 to 9 surface and underground employees for both the Marikana and Rustenburg operations of R1,000 ($67.8) a month or 5%, whichever is the higher for the first, second, and third year of the agreement.

AMCU chief negotiator Jimmy Gama was quoted by Reuters as saying: “It has never been an easy journey … but we managed to come to this day where we are all smiling.”

The Commission for Conciliation, Mediation and Arbitration (CCMA) played a major role in the wage deal.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
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Enter your details here to receive your free Report.

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