NUM Accepts Wage Offer from Coal Producers

Reuters reported that South Africa’s National Union of Mineworkers (NUM) has accepted a wage offer from coal producers. As a result, the union will end a strike that began more than a week ago.
Another union, the Association of Mineworkers and Construction Union (AMCU) has rejected the offer.
As quoted in the market news:

Sources earlier told Reuters an agreement had been reached to end the strike by around 30 000 NUM members which affected operations at Exxaro, Glencore, and Anglo American, and some smaller producers.
South Africa, the continent’s most advanced economy, has been beset by power shortages, and relies heavily on coal for most of its electricity. The country also exports large quantities to Europe and Asia.
“Naturally this the end of the strike. The parties have agreed to a full and final settlement,” said Peter Bailey, the union’s chief negotiator in the coal sector.

Click here to read the full Reuters article.