Gold

Sibanye Gold (NYSE:SBGL) has agreed to a wage increase with South Africa’s Association of Mineworkers and Construction Union (AMCU), Bloomberg reported. The move will avoid a platinum strike at South Africa’s largest gold producer. As quoted in the publication: AMCU members, who make up more than 40 percent of about 46,000 Sibanye employees, voted to accept …

Sibanye Gold (NYSE:SBGL) has agreed to a wage increase with South Africa’s Association of Mineworkers and Construction Union (AMCU), Bloomberg reported. The move will avoid a platinum strike at South Africa’s largest gold producer.
As quoted in the publication:

AMCU members, who make up more than 40 percent of about 46,000 Sibanye employees, voted to accept the offer by a show of hands at Sibanye’s Driefontein operations near Carletonville, west of Johannesburg, on Sunday. The deal includes improved wage increases for three years and will apply to all the company’s workers, AMCU President Joseph Mathunjwa said in an interview.
“The workers are very happy,” he said, as thousands of people left the stadium after the meeting. “By members accepting this, I think it’s more than an increase but we saved lives.”

Click here for the full press release.

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