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AMCU to Take Platinum Producers’ Wage Proposal to Members
Jan. 30, 2014 10:38AM PST
Precious Metals Investing
Bloomberg reported that South Africa’s Association of Mineworkers and Construction Union (AMCU) will be putting a proposal offered by Anglo American Platinum Ltd. (OTCMKTS:AGPPY), Lonmin plc (LSE:LMI) and Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY) to its members, who are currently striking at the mines of those three companies.
Bloomberg reported that South Africa’s Association of Mineworkers and Construction Union (AMCU) will be putting a proposal offered by Anglo American Platinum Ltd. (OTCMKTS:AGPPY), Lonmin plc (LSE:LMI) and Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY) to its members, who are currently striking at the mines of those three companies.
As quoted in the market news:
The platinum producers offered to raise total pay by as much as 9 percent in the first year, 8 percent in the second and 7.5 percent in the third, they said in a joint statement. The AMCU walked out over its pay demands, including a call for 12,500 rand ($1,110) a month for entry-level workers, more than double current pay levels.
‘How can you be satisfied with an offer that does not address the living wage?’ Gama told reporters in the South African capital.