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Bloomberg reported Lonmin Plc (LSE:LMI)’s record pay increase for employees to end an illegal strike at its biggest mine in South Africa sets a dangerous precedent, labor analyst Loane Sharp said.
Bloomberg reported Lonmin Plc (LSE:LMI)’s record pay increase for employees to end an illegal strike at its biggest mine in South Africa sets a dangerous precedent, labor analyst Loane Sharp said.
As quoted in the market news:
Employees agreed to return to work at Marikana, which produced about a 10th of global platinum supplies, today after winning increases of as much as 22 percent. That’s the single biggest raise by a mining company in the country’s history, Sharp said. Seventy-seven percent of workers reported for duty, said Sue Vey, an external spokeswoman for Lonmin.