JOHANNESBURG – The Association of Mineworkers and Construction Union (Amcu) has backed down on its initial demand for a 48 percent monthly wage hike after members gave the union a new mandate to seek an increase of R1 500 a year.
Anglo American Platinum CEO Chris Griffith talks to Business Day TV about the company’s results and wage negotiations.
Anglo American Platinum (Amplats) declared a dividend of R11 per share, thanks to headline earnings more than doubling to R7.4bn as the miner benefited from higher metal prices.
The first week of long-anticipated negotiations between platinum mining companies and the respective unions have begun with mining companies to respond to tabled demands next week - the quiet before the storm.
For the militant AMCU union, smarting from a disastrous five-month strike at Sibanye-Stillwater’s gold mines that achieved nothing beyond making its members poorer, the stakes are high in pending wage talks. Amcu battered its way on to the platinum belt seven years ago in part because it was able to take advantage of platinum’s company-by-company approach to wage negotiations. That is no longer an advantage. Each company is going into the talks from a renewed position of strength.