Kumba Iron Ore Reaches Three Year Wage Deal With Unions

Moneyweb reported that Kumba Iron Ore Ltd. (JSE:KIO) has signed a three year wage deal that will see its lowest paid workers get a ten percent wage increase. The deal will mean that a strike by the National Union of Mineworkers will be avoided, according to Moneyweb.

As quoted in the publication:

Kumba, owner of Africa’s largest iron-ore mine, agreed with the National Union of Mineworkers and Solidarity to increases of 8.5% to 10% in the first two years and 7.5% to 9% in the third, Gert Schoeman, a spokesman for the Pretoria-based unit of Anglo American Plc, said today by phone. The agreement is effective from July 1, Schoeman said.

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