NUM Signs Wage Agreement with Coal Producers

Reuters reported that yesterday, South Africa’s National Union of Mineworkers (NUM) signed a wage deal with coal producers, thereby avoiding a strike that could have affected exports.

As quoted in the market news:

‘We have signed the coal wage agreement,’ Frans Baleni, General Secretary of NUM, told Reuters, adding the agreement was for increases of 7 percent to 11 percent, above consumer inflation that was at 6.4 percent in August.

The agreement is the same as what the companies, including units of global mining giants Anglo American and Glencore Xstrata, had earlier made as their final offer.

Click here to read the full Reuters report.