Strike Over at Glencore-Merafe Ferrochrome Operation

Reuters reported that South African miners have agreed to end a strike at a ferrochrome venture between Glencore plc (LSE:GLEN) and Merafe Resources Ltd. (JSE:MRF).

As quoted in the market news:

About 1 500 workers at the venture downed tools in September demanding that salaries for the lowest level workers be increased.

‘It means in three years, the entry level salaries for workers in Glencore will be R18 000, with a take home pay of R12 100. Now, workers take home around R7 000,’ said Steven Nhlapo and official from the National Union of Metalworkers ofSouth Africa.

The venture is the largest producer of ferrochrome, an ingredient used to make stainless steel.

Click here to read the full Reuters report.